The world’s largest meme token, Dogecoin (DOGE), established a strong footing with over 25% gains last week. On Sunday, March 31, the price of Dogecoin rose an additional 7.29% to $0.2156, and its market value exceeded $30 billion. DOGE has gained 134% since the beginning of 2024 to date.
DOGE’s Momentum Linked to Whale Activity in Santiment Reports
Cryptocurrency analytics firm Santiment reported that Dogecoin’s (DOGE) strong momentum emerged against the backdrop of significant whale activity. Currently positioned as the top meme token by market value and holding the 8th rank in the overall cryptocurrency market, DOGE’s recent rise is attributed to a substantial number of inactive whales reactivating and recirculating their DOGE tokens.
This increase does not include the usual fear of missing out (FOMO) that typically precedes market peaks, which could signal that the upcoming rally may have more room to run. According to a graph shared on social media by Ali Martinez, whale wallets containing 10 to 100 million DOGE tokens have been consistently increasing their holdings since March 15.
This ongoing accumulation pattern resulted in whales collectively increasing their holdings by 1.40 billion DOGE. At the time this metric was shared, the total had reached 16.7 billion DOGE. A recent analysis shared by cryptocurrency analyst Ali Martinez draws attention back to Dogecoin (DOGE), emphasizing its importance amid the frenzy surrounding new meme tokens in the crypto space.
Analyst Ali Martinez Issues DOGE Advisory
Despite the allure of other tokens, Ali Martinez underscores DOGE’s continued significance as a major altcoin. Technically, Martinez suggests that Dogecoin’s current trajectory reflects the pattern observed between 2018 and 2021. According to Martinez’s analysis, if this similarity holds true, DOGE could potentially be in the early stages of a significant parabolic bull run.
On the other hand, Dogecoin derivative data indicates that the upward trend may continue. According to Coinglass data, Dogecoin’s open interest has surpassed $2.1 billion. In the last 24 hours, more than $7.15 million flowed into Dogecoin, with $5.13 million in short positions liquidated.
