Dogecoin (DOGE) is showing resilience in the face of market declines, with a strategic approach to sustain its bullish recovery.
Currently trading at $0.1356, the digital currency has experienced a 7.19% increase in the last 24 hours, according to CoinMarketCap.Whale activity has resurged, as shown by a 92.81% increase in whale trading volume, according to IntoTheBlock (ITB) data.
This renewed interest could trigger a parabolic run for DOGE in the medium term. Whale trades typically involve dollar valuations of $100,000 or more.The transaction volume within 24 hours amounted to approximately US$5.29 billion.
Expanded data reveals that the number of large transactions was 4,330, and the DOGE price was $0.1657, up from $0.14 as of March 3. The increased transaction volume can be seen as a vote of confidence within the network, as prices continue to soar.The trend of high-value transactions is evident in the prices of the industry's largest meme coins.
However, setting a primary target for Dogecoin's price is challenging due to the lack of key fundamentals supporting the current rally. Influencing factors for Dogecoin in the near future may include its relevance to Bitcoin, a passionate community, and Elon Musk's influence.
After surging to $0.2054, Dogecoin is expected to retest this price point in the short term while aiming for $1 levels in the long term.
$DOGE
