As a seasoned crypto investor with a knack for deciphering market trends and patterns, I find the recent developments surrounding Dogecoin intriguing. Having witnessed the meme coin’s rollercoaster ride over the past few years, I can’t help but be drawn to its latest movements.
The blockchain analytics firm, IntoTheBlock, recently shared a significant graph indicating the trend of Dogecoin hoarding among major crypto investors.
Based on recent data, significant Dogecoin investors (often referred to as “whales”) have amassed over 2 billion DOGE coins within the last week. This is the largest accumulation since the beginning of this year. The graph indicates that these billions of DOGE were obtained between September 30th and October 5th.
Over the past week, significant Dogecoin investors amassed approximately 2.07 billion Dogecoins, which is the most since January of this year!
— IntoTheBlock (@intotheblock) October 7, 2024
DOGE may rally 200%, analyst believes
According to crypto expert Ali Martinez, there’s a strong possibility that the popular meme currency Dogecoin could surge ahead in a significant price increase (bull run). However, prior to this major jump, Dogecoin might experience a rise of approximately 200% and then a subsequent decrease of around 60%.
According to Martinez’s perspective, if historical trends repeat themselves for Dogecoin, then future events will follow suit. At present, it appears that the asset is breaking free from a multi-year descending triangle pattern, which has occurred previously and could be happening now, as suggested by the analyst in their tweet.
He pointed out that DOGE has already faced a 65% pullback recently, and now “$DOGE could be gearing up for the next big rally!”
History tends to repeat itself, and it seems that Dogecoin may be following this pattern. If we look closely, there’s a recurring trend: a significant breakout from a multi-year descending triangle, followed by a massive surge of around 200%, then a retracement of approximately 60%. After experiencing a recent 65% pullback, Dogecoin could be preparing for another bull run!
— Ali (@ali_charts) October 6, 2024
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2024-10-07 16:36