Dogecoin (DOGE) Price Gains Another 7% Setting Stage for A Parabolic Rally

dogecoin whales have accumulated 1.4 billion DOGE in two weeks taking the open interest past $2 billion in recent rally.
By Bhushan Akolkar
Dogecoin Price Forecast: Is $0.5 Imminent in the Next Bull Run?

Highlights

  • Dogecoin whales have purchased 1.4 billion DOGE in last two weeks.
  • Dogecoin price set-up resembles 2018-201 bull pattern with parabolic rally ahead.
  • DOGE open interest has shot past $2 billion amid the current price rally.

The world’s largest meme coin Dogecoin (DOGE) has been on a strong footing gaining more than 25% over the past week. On Sunday, March 31st, the Dogecoin price gained an additional gained an additional 7.29% moving all the way to $0.2156 with its market cap crossing $30 billion. Since the beginning of 2024, DOGE has already gained 134% so far.

Dogecoin Whale Activity Jumps

On-chain data provider Santiment reported that the strong momentum in meme coin Dogecoin (DOGE) comes on the backdrop of strong whale activity.

Currently positioned as the top meme coin by market capitalization and holding the 8th position overall in the cryptocurrency market, DOGE’s recent uptick is attributed to substantial dormant whales reactivating and moving their DOGE holdings back into circulation. Interestingly, this surge lacks the usual fear of missing out (FOMO) sentiment that typically precedes market tops, suggesting there’s more fuel left in this rally going ahead.

Courtesy: Santiment

As per the chart shared by Ali Martinez on social media, whale wallets containing 10 million to 100 million DOGE tokens have consistently boosted their holdings since March 15. This ongoing accumulation pattern resulted in these whales augmenting their collective holdings by 1.40 billion DOGE, bringing the total to 16.7 billion DOGE at the time of sharing this metric.

Dogecoin Price Preparing For A Parabolic Rally

In a recent analysis shared by crypto analyst Ali Martinez, attention is drawn back to Dogecoin (DOGE), asserting its significance amidst the frenzy surrounding new meme coins in the crypto space. Martinez highlights that, despite the allure of other tokens, DOGE retains its prominence as a key altcoin.

From a technical standpoint, Martinez suggests that Dogecoin’s current trajectory mirrors the pattern observed between 2018 and 2021. According to Martinez’s analysis, if this resemblance holds true, DOGE could potentially be poised at the initial stages of a significant parabolic bull run.

Courtesy: Ali Martinez

On the other hand, the Dogecoin derivatives data points to a rally on the upside going ahead. As per data from Coinglass, the Dogecoin open interest has surged past $2.1 billion. In the last 24 hours, more than $7.15 million have been liquidated in dogecoin with $5.13 million liquidation of short positions.

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Bhushan Akolkar
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
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