Dogecoin price stagnates, but can the accumulation of whales trigger another round of Dogecoin bull market rebound?
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Donald Trump won the US presidential election in early November, causing the prices of various crypto assets to rise immediately, including the largest meme coin. This is likely due to Elon Musk's role in the future government, where he is expected to manage a new Department of Efficiency (DOGE).
In the initial weeks of significant growth in network trading volume, the price of DOGE nearly doubled. Additionally, this meme coin once surpassed XRP, but everything changed with the reversal of roles.
Although Ripple's native token is exploring new heights unseen in six years, DOGE has somewhat stagnated, with the price being slightly above $0.4 after being rejected several times at $0.44.
Nevertheless, Dogecoin whales do not seem to be unsettled by the recent lack of price action. Data from Santiment shared by renowned analyst Ali indicates that these large investment entities accumulated another 160 million Dogecoins over the weekend.
Recall that the last time whales went on a buying spree for DOGE, the asset's price exploded in the following month or so.
Can DOGE recover its bull market? Many analysts remain optimistic about DOGE, with some predicting that DOGE is about to reach an all-time high. One of the recent predictions from dogegod suggests that the asset could soar to $2.2, which would be roughly three times the current ATH of 2021.
Javon_Marks also has similar targets. This strategist states that Dogecoin "is in its third bull market cycle," which could drive it to rise more than 400%. If such a rebound occurs, the price of Dogecoin could reach around $2.28.
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