The world’s largest meme coin Dogecoin (DOGE) has been on a strong footing gaining more than 25% over the past week. On Sunday, March 31st, the Dogecoin price gained an additional gained an additional 7.29% moving all the way to $0.2156 with its market cap crossing $30 billion. Since the beginning of 2024, DOGE has already gained 134% so far.
Dogecoin Whale Activity Jumps
On-chain data provider Santiment reported that the strong momentum in meme coin Dogecoin (DOGE) comes on the backdrop of strong whale activity.
Currently positioned as the top meme coin by market capitalization and holding the 8th position overall in the cryptocurrency market, DOGE’s recent uptick is attributed to substantial dormant whales reactivating and moving their DOGE holdings back into circulation. Interestingly, this surge lacks the usual fear of missing out (FOMO) sentiment that typically precedes market tops, suggesting there’s more fuel left in this rally going ahead.
As per the chart shared by Ali Martinez on social media, whale wallets containing 10 million to 100 million DOGE tokens have consistently boosted their holdings since March 15. This ongoing accumulation pattern resulted in these whales augmenting their collective holdings by 1.40 billion DOGE, bringing the total to 16.7 billion DOGE at the time of sharing this metric.
Dogecoin Price Preparing For A Parabolic Rally
In a recent analysis shared by crypto analyst Ali Martinez, attention is drawn back to Dogecoin (DOGE), asserting its significance amidst the frenzy surrounding new meme coins in the crypto space. Martinez highlights that, despite the allure of other tokens, DOGE retains its prominence as a key altcoin.
From a technical standpoint, Martinez suggests that Dogecoin’s current trajectory mirrors the pattern observed between 2018 and 2021. According to Martinez’s analysis, if this resemblance holds true, DOGE could potentially be poised at the initial stages of a significant parabolic bull run.
On the other hand, the Dogecoin derivatives data points to a rally on the upside going ahead. As per data from Coinglass, the Dogecoin open interest has surged past $2.1 billion. In the last 24 hours, more than $7.15 million have been liquidated in dogecoin with $5.13 million liquidation of short positions.