The Dogecoin network has seen a significant surge in activity since the inauguration of US President Donald Trump. While this surge in activity is industry-wide, on-chain data reveals some interesting trends among Dogecoin holders. These trends were noted by cryptocurrency analyst Ali Martinez, who used data from the analytics platform Santiment to highlight a notable spike in high-value transactions on the Dogecoin network. According to Martinez, Dogecoin recorded 588 transactions over $1 million in the past 24 hours.
Dogecoin sparks renewed interest with multi-million dollar transactions
The recent surge in large Dogecoin trades suggests significant upside potential, as this activity usually signals a bottom in liquidity that starts upward momentum. Historically, an increase in high-value trades is associated with a return to investor confidence, especially when market sentiment shifts towards a bullish trend.
In the case of Dogecoin, the transactions in question are not only large but also highly significant, with each transaction valued at over $1 million. What makes this surge even more convincing is that it coincides with the bullish mood surrounding President Donald Trump’s inauguration. Therefore, the current increase in trading appears to be indicative of accumulation rather than selling or profit-taking.
Multi-million dollar DOGE deals on the rise | Source: Ali Martinez of X
The entire cryptocurrency market is currently in a bullish phase, and smart money has entered the market early in anticipation of the environment promoting cryptocurrencies under the new Donald Trump administration. This lends further credence to the idea that these transactions may be accumulations rather than sales. Even if some trades involve selling, the general bullish sentiment suggests that such events are short-lived and can be quickly absorbed by the market’s positive momentum. Suggests.
Dogecoin is gaining momentum on social media, garnering over 500,000 mentions on Platform X within the past 24 hours. This is due to the newly formed Department of Government Efficiency, which shares the same acronym as Dogecoin’s ticker (DOGE), which contributed to the huge enthusiasm. Increased visibility on social media often leads to increased retailer participation, which can create synergies with whale activity and drive prices higher.
DOGE Price Analysis: New Multi-Year Bullish Pattern
In separate technical analysis, Martinez noted that DOGE is trading within a multi-year ascending parallel channel on the weekly candlestick time frame. The ongoing bull market gained momentum after Dogecoin bounced off the channel’s lower trendline at the end of 2023, and Memecoin has been trading in an upward direction ever since. A sustained rise along this channel suggests that DOGE can maintain its bullish trajectory over a longer time frame.
Regarding the price target, the chart pattern predicts a bullish target of $15 at the upper trendline of the ascending parallel channel. As of this writing, DOGE is trading at $0.343, and reaching this target would represent an impressive 4,273% upside from current price levels.
DOGE is trading at $0.34 on 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
