In the wildly speculative memecoin market, Dogecoin (DOGE) stands firm, with its flag flying high. Amid increasing whale activity, the Dogecoin price is witnessing a significant rebound. Market analysts foresee Dogecoin’s potential rally to new highs in the first quarter of 2025.

Dogecoin Price Sees Bullish Rally, Eyes $0.5

Bitcoin investor Coinvo, in his recent X post, shared insights on Dogecoin’s potential parabolic move. Highlighting DOGE’s rounding bottom pattern in the weekly chart, Coinvo predicted the Dogecoin price’s possible surge to the significant $0.5 point.

In a prior analysis, Coinvo anticipated an imminent surge in Dogecoin’s value. He wrote, “Everything is pointing towards a DOGE move higher.”

Meanwhile, Crypto Tony, a prominent analyst, presented Dogecoin’s weekly chart representing DOGE’s jump to the $0.5 mark, only to retreat to the current levels.

Increasing Whale Moves Trigger Price Surge

According to crypto analyst Ali, large Dogecoin traders, also known as “whales,” accumulated more than 100 million Dogecoins over the past 24 hours. The increasing whale activity signifies growing confidence and demand for Dogecoin.

Whales have accumulated another 100 million #Dogecoin $DOGE in the last 24 hours, signaling growing confidence and demand! pic.twitter.com/HKuseWubtN

— Ali (@ali_charts) February 7, 2025

On-chain data unveils that large DOGE holders were taking advantage of the recent market crash. While the Dogecoin price declined for three consecutive days, traders utilized the “buy-the-dip” strategy to accumulate millions of tokens.

In a previous X thread, Ali expressed an aggressive target for the Dogecoin price. The analyst stated that DOGE has the potential to soar to $10, provided it maintains a price above $0.19. Though DOGE currently trades above $0.25, it remains unclear if the memecoin could reach the ambitious target of $10.

Dogecoin Leads Memecoin Recovery

Notably, the $75 billion memecoin market is struggling to recover from the recent crypto downturn. However, over the past 24 hours, top memecoins are staging a comeback, with Dogecoin leading the rally.

At press time, the Dogecoin price is marked at $0.2501, up 2.2% in a day. Despite the daily surge, the memecoin is still caught within the negative zone, experiencing a weekly loss of 22.6%.

Shiba Inu (SHIB) is also recovering with a 2.1% surge over the last day, but marks an 18% dip over the past week. Similarly, PEPE and BONK also register modest upticks of 0.8% and 0.9%, respectively, over the last 24 hours, despite huge declines of 32% and 30%.

The post Will Dogecoin Price Hit $0.5 Amid Increasing Whale Activity? appeared first on CoinGape.

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Filed under: News - @ February 7, 2025 8:25 pm