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- Dogecoin whales stacked up the coin amid an epic Bitcoin rally.
- Top analysts are optimistic that the DOGE price can surpass the $3 mark in the long term.
Bitcoin (BTC), the world’s leading digital asset, hit a new all-time high of $106,620 on December 15. The recent Bitcoin surge has pushed the monthly increase to almost 15% and the year-to-date spike to approximately 150%.
DOGE May Benefit From Bitcoin’s Rally
As demonstrated in the past, Bitcoin’s recent peak might cause other assets to rally. If this trend continues, Dogecoin (DOGE), the leading memecoin, may follow BTC’s trajectory and hit a new peak.
As of this writing, DOGE’s price was trading at $0.3993, up 2.19% in the last 24 hours and 5.5% in the past month. Despite the daily and monthly increase, the memecoin is down 8.16% within the last seven days.
Many attributed the weekly decline in DOGE’s price to rising inflation in the United States, creating panic among investors. These investors are probably weary of investing in risky assets like Dogecoin.
In November, the crypto market experienced an extraordinary rally following Donald Trump’s victory in the US Presidential election. However, the market has stagnated lately amid heightened anticipations of the Federal Reserve’s meeting. Market experts believe DOGE and other assets may witness another rally if the Fed takes a dovish stance.
Market data tracking platform CoinCodex has predicted that DOGE’s price will consolidate over the next few months. The platform sees DOGE trading at current levels until at least February 20, 2025. CoinCodex predicted that DOGE will gain traction by the end of February 2025 to hit $0.90 on March 15, 2025. Notably, a rally toward $0.9 from current price levels will entail a rally of about 125%.
However, Changelly has presented a bearish prediction for Dogecoin. The platform expects DOGE to reach a low of $0.351 in March 2025. Based on the current price levels, a $0.351 target will translate to a dip of about 13.33%.
Spike in Dogecoin Whale Transactions
Meanwhile, large investors, often known as whales, continue increasing DOGE transactions.
As CNF reported, whales recently purchased $160 million worth of DOGE, raising eyebrows and speculation within the crypto community. Such large transactions indicate that these whales are positioning themselves for potential price movements, especially since the purchase coincides with a 6% weekly decline.
Onchain market analyst Ali Martinez highlighted this whale activity as a positive momentum indicator for DOGE. The analyst forecasted that DOGE could revisit its all-time high of $0.7376, achieved in May 2021. Additionally, Martinez forecasted a bold long-term price target of $3 for Dogecoin.
Furthermore, crypto analyst Trader Tardigrade recently pointed to a bullish breakout from a Symmetrical Triangle pattern.
This technical formation, frequently associated with rising price trends, predicts that Dogecoin is about to have another bullish surge. Tardigrade predicted a price target of $8 to $10 for DOGE, representing a big upside for loyal holders.
