Dogecoin, hailed initially for its impressive performance following the U.S. election results, has since slowed, achieving a modest 10% increase in the past week. Despite this deceleration, major "whale" investors have sustained their accumulation of the meme coin, signaling potential gains on the horizon.
The crypto market received a significant shake-up after Donald Trump’s victory in the U.S. presidential elections, sparking immediate price surges for several digital currencies, most notably Dogecoin. This development is likely tied to Elon Musk’s anticipated role in the new Department of Government Efficiency (D.O.G.E), pivotal to the administration’s future plans. In the aftermath, DOGE's price nearly tripled, driven by heightened network transactions. The meme coin even surpassed XRP briefly before experiencing a reversal.
Currently, while XRP explores levels not witnessed in over six years, DOGE has stagnated. The token now hovers slightly above $0.40, after facing repeated rejections at $0.44. Regardless, Dogecoin whales have remained resolute, undeterred by the recent lack of momentum. According to data from Santiment reported by analyst Ali, these substantial players have added another 160 million DOGE to their portfolios over the past weekend alone.
The strategic purchases by these whales could foreshadow another imminent price explosion, echoing previous scenarios where similar accumulation led to significant upward movements in DOGE’s value.
Despite the stagnation, optimism remains high among many analysts. They predict an impending all-time high. Recently, a forecast by 'dogegod' suggested that Dogecoin might surge to $2.2—essentially tripling its current all-time high from 2021. Concurrently, Javon_Marks shared a comparable vision, detailing that Dogecoin might be in the throes of its third significant bull cycle. This cycle, according to his analysis, could catalyze a dramatic surge exceeding 400%, potentially elevating the asset’s price to approximately $2.28.
His projections are grounded in Fibonacci Extension analysis, indicating that DOGE might breach the 1.618 Fib Extension level, a target over 405% away from its current standing.
The ongoing accumulation by whales and bullish forecasts from seasoned analysts paint an intriguing future for Dogecoin investors, leaving many to ponder whether the asset's next explosive rally is just around the corner.