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The world’s largest meme coin Dogecoin (DOGE) has been on a powerful footing gaining greater than 25% over the previous week. On Sunday, March thirty first, the Dogecoin price gained an extra gained an extra 7.29% transferring all the best way to $0.2156 with its market cap crossing $30 billion. Since the start of 2024, DOGE has already gained 134% to date.

Dogecoin Whale Activity Jumps

On-chain information supplier Santiment reported that the robust momentum in meme coin Dogecoin (DOGE) comes on the backdrop of robust whale exercise.

Currently positioned as the highest meme coin by market capitalization and holding the eighth place general within the cryptocurrency market, DOGE’s current uptick is attributed to substantial dormant whales reactivating and transferring their DOGE holdings again into circulation. Interestingly, this surge lacks the same old concern of lacking out (FOMO) sentiment that sometimes precedes market tops, suggesting there’s extra gasoline left on this rally going forward.

As per the chart shared by Ali Martinez on social media, whale wallets containing 10 million to 100 million DOGE tokens have constantly boosted their holdings since March 15. This ongoing accumulation sample resulted in these whales augmenting their collective holdings by 1.40 billion DOGE, bringing the entire to 16.7 billion DOGE on the time of sharing this metric.

#Dogecoin whales have bought 1.40 billion $DOGE over the previous two weeks, value round $280 million! pic.twitter.com/zswuyRpuLG

— Ali (@ali_charts) March 29, 2024

Dogecoin Price Preparing For A Parabolic Rally

In a current evaluation shared by crypto analyst Ali Martinez, consideration is drawn again to Dogecoin (DOGE), asserting its significance amidst the frenzy surrounding new meme coins within the crypto house. Martinez highlights that, regardless of the attract of different tokens, DOGE retains its prominence as a key altcoin.

From a technical standpoint, Martinez means that Dogecoin’s present trajectory mirrors the sample noticed between 2018 and 2021. According to Martinez’s evaluation, if this resemblance holds true, DOGE may doubtlessly be poised on the preliminary phases of a major parabolic bull run.

On the opposite hand, the Dogecoin derivatives information factors to a rally on the upside going forward. As per data from Coinglass, the Dogecoin open curiosity has surged previous $2.1 billion. In the final 24 hours, greater than $7.15 million have been liquidated in dogecoin with $5.13 million liquidation of quick positions.

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Bhushan is a FinTech fanatic and holds an excellent aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is constantly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and generally discover his culinary abilities.

The introduced content material might embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability for your private monetary loss.