dogecoin (DOGE) Price Gains Another 7% Determination Phase for a Parabolic Rise
Dogecoin (DOGE), the world’s largest meme coin, is on strong ground, gaining more than 25% in the past week. On Sunday, March 31, Dogecoin price rose an additional 7.29% to $0.2156, pushing its market cap over $30 billion. DOGE has gained 134% so far since the beginning of 2024.
Dogecoin Whale Activity Jumps
On-chain data provider Santiment reports that strong momentum in memecoin Dogecoin (DOGE) is emerging against the backdrop of strong whale activity.
Currently positioned as the top meme coin by market cap and holding the 8th overall spot in the cryptocurrency market, DOGE’s recent rise is attributed to significant amounts of dormant whales reactivating and recirculating their DOGE holdings. Interestingly, this rise does not include the usual fear of missing out (FOMO) feeling that often precedes market tops, suggesting the rally ahead has more fuel left.
Kindness: centimeter
According to the chart shared by Ali Martinez on social media, whale wallets containing 10 to 100 million DOGE tokens have continuously increased their holdings since March 15. This ongoing pattern of accumulation has resulted in these whales increasing their collective wealth by 1.40 billion DOGE. At the time this benchmark was shared, the total had reached 16.7 billion DOGE.
Dogecoin Price is Preparing for a Parabolic Rise
A recent analysis shared by crypto analyst Ali Martinez puts the spotlight back on Dogecoin (DOGE), highlighting its importance amid the frenzy surrounding new meme coins in the crypto space. Martinez underlines that despite the appeal of other tokens, DOGE maintains its importance as a major altcoin.
From a technical perspective, Martinez suggests that Dogecoin’s current trajectory mirrors the pattern observed between 2018 and 2021. According to Martinez’s analysis, if this similarity is true, DOGE could be poised in the early stages of a potentially significant parabolic bull run.
Kindness: Ali Martínez
On the other hand, Dogecoin derivative data indicates that an upward trend will continue. According to Coinglass’ data, Dogecoin’s open position exceeded $2.1 billion. In the last 24 hours, more than $7.15 million in dogecoin and $5.13 million in short positions were liquidated.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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