Dogecoin 
$0.104679 (DOGE) users are witnessing a sudden surge in network activity. Popular on-chain strategist Ali Martinez shared insights with his 73,400 followers on the social media platform X, suggesting that this increase may be supported by institutional investors.
Increase in Network Activity
Martinez highlighted a consistent rise in the number of large transactions on the Dogecoin network, indicating that institutional players and DOGE whales might be positioning themselves for a potential upward move.
Large Investments and Whales
Last week, Martinez noted that cryptocurrency whales purchased over $100 million worth of DOGE in just one day, which could be positive signs for DOGE’s future performance.
Market Expectations
Martinez believes that Dogecoin could replicate the massive rallies seen in 2017 and 2020, predicting that DOGE might surpass its all-time high of $0.7316 and exceed $2. He added, “Dogecoin whales bought over 1 billion DOGE in 24 hours, totaling approximately $108.7 million!”
At the time of writing, Dogecoin is trading at around $0.113, having experienced an increase of over 2% in the last 24 hours.
Martinez stated that DOGE could experience a 200% increase, a 60% pullback, and then enter a bullish phase after breaking out of a multi-year descending triangle formation.
After a recent decline of 65%, there is speculation that a significant rally could be on the horizon. The rising transaction volume on Dogecoin’s network and the substantial purchases by whales offer hope for a potential upward trend.
