Increase in Dogecoin Network Activity

A well-known on-chain strategist reports that Dogecoin (#doge⚡ ), one of the most popular meme tokens, is seeing a significant surge in network activity. Analyst Ali Martinez shared with his 73,400 followers on the social media platform X that institutional investors may be behind the sudden increase in large Dogecoin transactions.

Large Transactions Indicate Interest from Whales and Institutions

Martinez explained that the growing number of large transactions on the Dogecoin network could signal that major market players and crypto whales are preparing for a potential price surge in $DOGE . “The number of large Dogecoin transactions on the network continues to rise, suggesting that institutional players and DOGE whales are gearing up for a potential upswing,” Martinez stated.

Whales Bought Over $100 Million in DOGE in a Single Day

Last week, Martinez highlighted the fact that crypto whales bought more than $100 million worth of DOGE in a single day. “Dogecoin whales purchased over 1 billion DOGE in 24 hours, amounting to roughly $108.7 million!” the analyst added.

Dogecoin May Be Preparing for Another Rally

As Dogecoin begins to show signs of life, Martinez speculates that DOGE may be on the verge of repeating its massive rallies seen during the 2017 and 2020 cycles. “History often repeats itself, and Dogecoin may be doing just that,” he noted.

Dogecoin's Well-Known Growth Pattern

Martinez pointed out that #Dogecoin‬⁩ has often broken out from a multi-year descending triangle, followed by a 200% increase, then a 60% retracement – and then came the bull run. After a recent 65% decline, he believes DOGE could be setting up for another major rally.

Prediction: Dogecoin Could Surpass Its All-Time High

Analyzing the chart, Martinez suggests that Dogecoin could soar past its previous all-time high of $0.7316 and even break the $2 mark. Currently, DOGE is trading at $0.113, reflecting more than a 2% increase in the past 24 hours.

#memecoin🚀🚀🚀 , #Cryptocurrencies , #BullishCoins

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