Dogecoin faced significant whale accumulation coinciding with a 15% weekly price surge, while analysts set a $15 price target.
Dogecoin DOGE $0.17 24h volatility: 2.9% Market cap: $25.12 B Vol. 24h: $682.80 M , the largest meme coin by market capitalization, has witnessed significant whale activity over the past two days, with an astonishing 1.83 billion DOGE snapped up by large holders. This buying spree comes at a time when the spotlight is on newly-launched Donald Trump’s Solana-based meme coin, Official Trump TRUMP $9.09 24h volatility: 0.7% Market cap: $1.82 B Vol. 24h: $155.08 M , which briefly achieved a market cap of $14 billion, surpassing Shiba Inu SHIB $0.000012 24h volatility: 1.2% Market cap: $6.86 B Vol. 24h: $117.29 M . DOGE remains dominant at $55 billion.
Trading at $0.37, Dogecoin has shown no significant 24-hour price movement but has recorded a 15% surge over the past week. The recent whale activity has also propelled its 24-hour trading volume to $10.2 billion, marking a 50% increase.
Chart Patterns Hint at Bullish Potential
Technical analysis has further fueled optimism around Dogecoin’s trajectory. According to crypto analyst Ali Martinez, DOGE is trading within a multi-year ascending parallel channel, which points to a bullish price target of $15. Additionally, the weekly chart shows DOGE breaking out of a bullish pennant formation, a signal that often precedes upward momentum.
Moreover, on January 17, the token attempted to breach the upper band of its Bollinger Bands but was met with resistance, leading to a retest of the middle support band. DOGE now appears poised for another breakout attempt, which could trigger a major rally.
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Source: TradingView
Also, the Relative Strength Index (RSI) reads 53.60 which means that the buyers have gained an upper hand and bulls will try to push DOGE higher. The gradient of the line suggests a swift move to reclaim the $0.4 price level and aim higher.
Historical data adds to the excitement. Analysts on X have noted that following U.S. presidential inaugurations in 2017 and 2021, DOGE experienced exponential growth, surging 30x and 80x, respectively. If the token mirrors even the average of these past cycles, it could climb 55x from its current price, potentially reaching $20.
“WSB Trader” on X stated last week that Dogecoin could push above $1 by the end of January considering the fact that the month is substantially bullish for the memecoin historically.
Memecoin Market in Uptrend
Dogecoin’s performance is part of a broader rally in the memecoin market, which has a combined market capitalization of $116 billion. Trading volumes in the memecoin sector have soared, with a 124% uptick over the past 24 hours, now standing at $81 billion.
This surge coincides with Trump’s inauguration, as analysts speculate on the potential for crypto-friendly policies under his administration. While Trump’s TRUMP memecoin has grabbed headlines, DOGE continues to solidify its position as the undisputed leader in the memecoin ecosystem.
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