Whale Has Accumulated Over 1 Billion DOGE in 30 Days – Is a Price Rise Coming?

Despite the price stabilizing, Dogecoin investors have accumulated over 1 billion DOGE in the past 30 days, raising many speculations about the possibility of a price surge. According to famous cryptocurrency analyst Ali Martinez, this large accumulation is a clear sign of renewed interest in this meme-based cryptocurrency. "The whale bought over 1 billion DOGE in the past month!" Martinez tweeted last Friday.

Notably, the largest buying spree occurred on April 15, when over 800 million DOGE was purchased within just 48 hours, marking the peak of whale activity during the 30-day period. This level of accumulation has not been seen since January 19, when Martinez previously reported that 1.83 billion DOGE had been purchased over a different 48-hour period. The re-emergence of such strong accumulation indicates that institutional investors or high-net-worth individuals are once again shifting their attention to Dogecoin. Adding to the price increase narrative is a strong surge in on-chain activity. Martinez notes that Dogecoin is experiencing a rise in active addresses, transaction volume, and overall whale activity, three metrics that historically precede a strong price move. On-chain data supports this, with over 127,000 active addresses recorded, indicating higher user interaction with the network. The market sentiment is further strengthened by the increase in open futures contracts. According to the analysis company Glassnode, the open futures contracts of Dogecoin have increased by 63.9% in just one week, from $989 million to $1.62 billion, despite the asset having decreased from recent highs. The divergence between price and this derivative activity signals that speculators are increasingly betting on an impending bullish trend.

However, the famous cryptocurrency analyst Master Kenobi also considers, pointing out the 9-year price channel that DOGE has continuously adhered to. Kenobi expects Dogecoin to reach at least 1 dollar by early June 2025, with the potential to reach 1.44 dollars or even an extended target of 2.10 dollars, depending on broader market conditions. He said: "I am carefully choosing a exit point below the psychological level of 1 dollar," while citing strategies to maximize profits. Meanwhile, analyst Javon Marks predicts a minimum price increase of 215% based on Dogecoin's historical bull cycles. On Wednesday, the expert pointed out that previous DOGE price hikes usually took place at the time of the inauguration of the US president, with some cycles bringing gains as high as 30X to 80X. With the 2025 inauguration just a few months away, Marks sees this as a potential catalyst for new speculative interest.

In the short term, analysts at Bitcoinsensus believe that a bullish breakout is imminent, possibly within the next seven days. They emphasize a retest of the trendline and a double bottom pattern, with a short-term target of $0.42 to $0.43. At the time of the press report, DOGE was trading at $0.16, reflecting a 1.18% decrease over the past 24 hours. $USDC