On the social media platform X, crypto trader and analyst Ali Martinez, known as Ali Charts, predicted that the largest memecoin Dogecoin (DOGE) has high potential for a significant price increase. Martinez suggested that DOGE could rise by 200%, similar to its performance in February. This optimistic outlook is based on the current bearish market sentiment for the memecoin.
Investors Are Heavily Accumulating Dogecoin
DOGE rose to $0.18 at the beginning of March following Bitcoin’s rise, which occurred a little over a month after the approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). Martinez highlighted that large Dogecoin investors, or whales, have started to carry significant amounts of DOGE, with most of these transactions being purchase-oriented, raising expectations.
In a recent tweet, Martinez emphasized that Dogecoin whales accumulated over 700 million DOGE worth approximately $112 million in the last three days. This accumulation indicates increasing confidence and potential for a price rise.
1.5 Billion DOGE Exchanged in Just Two Days
Additionally, Whale Alert, a platform that tracks large transactions on blockchains, reported significant Dogecoin transfers, with approximately 1.5 billion DOGE exchanged anonymously in the last two days.
Whale Alert detected several major Dogecoin transfers. These included the movement of 420.69 million DOGE, 970 million DOGE, and 499.42 million DOGE between anonymous wallets. In another transaction, 90 million DOGE were transferred from the leading cryptocurrency exchange Robinhood to an anonymous wallet address. The total value of these transactions is $251.41 million, with a total of 1.579 billion DOGE transferred.
At the time of writing, Dogecoin is trading at $0.15887, following a 4.25% drop overnight and a subsequent 2.89% rise. Significant whale activity and Martinez’s analysis suggest that another major price increase for the altcoin could be on the horizon.
