That’s why Dogecoin (DOGE) price rally is pre-set to reach the $1 milestone!
In an era when memecoins are gaining a lot of attention, the largest memecoin, Dogecoin, is still trading in a range. The 24-hour trading volume has dropped below 1 billion, indicating that the momentum of the coin is shifting, as Pepe is currently the most traded memecoin. However, the market dynamics of DOGE price are expected to change soon as the coin approaches the end of its accumulation phase.
Historically, whale activity has been influencing the price of the coin over the long term. Whenever accumulation increases, the probability of a strong uptrend also increases, but a decline may certainly not indicate a bearish trend. In a recent Santimnet shared by the famous analyst ALI, Dogecoin whales have resumed accumulating coins.
The above chart shows that the number of addresses holding DOGE coins ranges between 100 million and 1 billion, with more than 200 million DOGE accumulated since May 30. They currently hold more than $31 billion worth of DOGE, indicating that they hold a large portion of the circulating tokens. Despite this, the price remains unchanged, but the token seems to be preparing for a massive move soon.
Analysts say that the continued price correction is part of its usual behavior before a massive bull run, as demonstrated in 2017 and 2021. In 2017, DOGE prices broke out of a descending triangle, followed by a 40% retracement and a bull run of more than 900%. In the second half of 2021, the token performed a similar operation, with a retracement of more than 50%, leading to a surge of more than 12,000%.
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