As whales transfer $100 million in Dogecoin, the price of Dogecoin may rise by 400%

Recently, the price of Dogecoin (DOGE) faced a pullback while attempting to break through the resistance level of $0.4602. However, this did not dampen the market enthusiasm. In the past 24 hours, whales have quietly transferred over $100 million in DOGE, which undoubtedly reflects investors' keen interest in the asset.

As signs of Dogecoin's recovery become increasingly apparent, analysts are optimistic about its future, predicting that the price of DOGE could skyrocket by 400% in the upcoming bull market cycle. Recently, two significant transactions occurred in the market, totaling over 249 million DOGE, worth approximately $102 million. One transaction transferred 131 million DOGE from an unknown wallet to Coinbase, while the other moved 117 million DOGE from Binance to another undisclosed wallet. These whale-level transactions undoubtedly add more signals to the increase in market activity.

Currently, Dogecoin's trading price remains stable above $0.40, and many investors are closely monitoring these large transfers. These dynamics may indicate an impending price breakout or pullback. Additionally, the recent trading volume has surged by 77%, showing that market demand for Dogecoin is gradually rising, laying the foundation for the next significant movement.

Market analyst Javon Marks speculates that based on historical trends and Fibonacci extension levels, the price of Dogecoin may rise by 400%. According to Marks, this meme coin is in its third bull market cycle, similar to the cycles before 2017 and 2021. The analyst believes that the price of Dogecoin may aim for the 1.618 Fibonacci extension level, currently at $2.28, above the current price of about $0.42.