Dogecoin Price Halts, But Could Whale Accumulation Lead To Another DOGE Bull Rally?

TL:DR;

Dogecoin was one of the top performers in the first few weeks after the US election, but has lost its momentum and is up a modest 10% in the past seven days. However, whales continue to accumulate the meme coin, which could lead to more gains in the near future.

Current status of DOGE and purchase of whales

Donald Trump’s victory in the US presidential election in early November led to immediate price gains for several crypto assets, including the biggest meme coin. This is likely due to Elon Musk’s role in the incoming administration, where he is expected to lead a new branch of the Department of Government Efficiency (DOGE).

The price of DOGE nearly tripled in the first few weeks amid massive growth in transactions on the network. Also, the meme coin outperformed XRP at one point, but that all changed as the roles were reversed.

While Ripple’s native token is exploring new heights not seen in more than six years, DOGE has stagnated somewhat and sits at just over $0.4 after being rejected at 0 $.44 on some occasions.

However, the Dogecoin whales don’t seem fazed by the lack of price action recently. Santiment data, shared by popular analyst Ali, indicates that these large investment entities have accumulated another 160 million DOGE over the weekend alone.

#Dogecoin whales bought an additional 160 million $DOGE during the weekend! pic.twitter.com/OACjFVIv9N

— Ali (@ali_charts) December 2, 2024

Remember that the last time the whales went to buy DOGE, the price of the asset exploded over the next month or so.

Can DOGE resume its bull run?

Many analysts remain bullish on DOGE, with some predicting a new all-time high just around the corner. One of dogegod’s recent forecasts sees the asset soaring to $2.2, which would be roughly three times the current ATH reached in 2021.

Javon_Marks had a similar goal in mind. The strategist said Dogecoin is “in the midst of its third bull cycle performance,” which could propel a massive rally of more than 400%. Should such a rally occur, the price of DOGE would hover around $2.28.

$DOGE (Dogecoin) seems to be in the midst of its third bullish cycle performance and according to previous cyclical price views, according to the Fibonacci extension, prices may be ready to move up to and above the 1,618 Fib extension level, which is currently over 405% off at $2.28 ⚡️ pic.twitter.com/I6AgRead8Y

— JAVON⚡️MARKS (@JavonTM1) December 1, 2024

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