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- Crypto market analysts anticipate DOGE price a surge to $3 in the current cycle, with long-term potential reaching $18.
- A Dogecoin rally from the current price of $0.39 to $3 represents a remarkable 630% growth potential.
The world’s largest meme coin Dogecoin (DOGE) has been in a bearish momentum for the past few days dropping from the highs of $0.47 all the way to $0.37. However, amid this price volatility, the DOGE whales have struck again eyeing buy-the-dip opportunities thereby leading speculations of a potential price rally.
In the last 24 hours, significant transfers by DOGE whales have attracted attention. As per the report from Whale Alert, over 61 million DOGE, valued at around $23.5 million, were moved from an unknown wallet to the Robinhood platform. This was followed by another transfer of nearly 85.4 million DOGE, worth approximately $32.9 million.
🚨 🚨 85,430,198 #DOGE (32,932,934 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/0ABSHbbxBY
— Whale Alert (@whale_alert) December 10, 2024
These massive whale transactions for DOGE coincide with growing market interest thereby signaling potential Dogecoin price movements from here onwards. Whale activity is often seen as a precursor to market shifts, particularly when large sums are moved to exchanges.
Crypto market analysts continue to make bold predictions for Dogecoin amid this large whale transaction. Popular analyst Ali Martinez believes that DOGE is still in the early stages of a bullish cycle ahead. The analyst expects the DOGE price to surge to $3 in the current bull cycle while extending his long-term projections to as high as $18.
Martinez’s prediction is rooted in the weekly chart’s regression channel, indicating that Dogecoin still has the potential for upward momentum. However, he cautions that market fluctuations may occur before these price targets are achieved.
What Does the DOGE Price Technical Chart Suggest?
The technical analysis highlights a potential bullish breakout for Dogecoin. Crypto analyst Trader Tardigrade notes that DOGE recently broke out of a Symmetrical Triangle pattern, a formation often associated with bullish trends. Notably, the breakout has not been followed by a significant pullback, suggesting sustained upward momentum.
If Dogecoin retraces to the triangle’s upper boundary, around $0.44— as observed today—it could offer a buying opportunity for investors aiming to ride the next phase of the rally. Tardigrade projects that DOGE’s price could climb to $0.65, representing a potential 50% gain from current levels.
He also anticipates that DOGE could peak between $8 and $10 before undergoing a potential retracement, which might present another entry opportunity for long-term investors, reported CNF. From its current price of approximately $0.39, a surge to $3 would mark an impressive 630% gain, offering an attractive prospect for those aiming to capitalize on Dogecoin’s growth trajectory.
Meme coins have been on the radar throughout this year, with Dogecoin and others giving significant returns to investors. One of the top-performing meme coins is PEPE Coin (PEPE), which has given multi-fold returns in the last few weeks and has climbed the ranks to become the third-largest meme coin by market cap.
