Dogecoin Price Stalls But Could Accumulating Whales 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 momentum and is up a modest 10% in the past seven days. However, whales will continue to accumulate meme coins, which will bring more profits in the near future.

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DOGE's current state and purchase of whales

Donald Trump's victory in the US presidential elections in early November led to an immediate price increase for many crypto assets, including the largest meme coin. It is expected that Elon Musk's role in the incoming administration will lead to a new branch of government efficiency (DOGE).

DOGE's price nearly tripled in the first few weeks amid the massive growth on the network. Moreover, MemCoin once surpassed XRP, but when the roles were reversed, everything changed.

While Ripple's native token is exploring new highs not seen in more than six years, DOGE has remained somewhat stagnant and settled above $0.4 with a few rejections at $0.44.

However, Dogecoin whales don't seem fazed by the lack of price action of late. According to sentiment data shared by popular analyst Ali, these large investment entities accumulated another 160 million DOGE over the weekend alone.

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

— Ali (@ali_charts) December 2, 2024

Remember that the last time the whales came out for the DOGE market, asset prices exploded over the next month or so.

Can DOGE continue its bull run?

Many analysts continue to be bullish on DOGE, with some predicting a new all-time high just around the corner. One of Dogogood's latest forecasts sees the asset rising to $2.2, which is more than triple the current ATH reached back in 2021.

Javon_Marks had the same target in mind. According to the strategist, Dogecoin is “in the middle of its 3rd bull cycle performance”, which can lead to a significant increase of more than 400%. Should such a rally occur, it would keep the price of DOGE around $2.28.

$DOGE (Dogecoin) seems to be in the middle of its 3rd bull cycle performance and based on previous cyclical displays in price, prices may be ready to move towards the 1.618 Fib Extension level and above, based on the Fibonacci Extension, which is currently over. 405% on $2.28 ⚡️ pic.twitter.com/I6AgRead8Y

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