A popular on-chain strategist said that Dogecoin (DOGE), the top meme token, has seen a sharp increase in network activity.
Analyst Ali Martinez told his 73,400 followers on social media platform X that institutional investors may be behind Dogecoin’s sudden increase in large trades.
“The number of large Dogecoin trades on the network continues to increase, suggesting that institutional investors and DOGE whales are poised for a potential upward move.”
Source: Ali Martinez/X
Last week, Martinez pointed out that the virtual whale accumulated $100 million worth of DOGE in just one day.
“Dogecoin whales purchased over 1 billion DOGE in (24 hours) for a total amount of approximately $108.7 million!”
Source: Ali Martinez/X
With Dogecoin showing signs of resurgence, Martinez says that Dogecoin may now be on the verge of repeating the massive rally witnessed during the 2017 and 2020 cycles.
“History often repeats itself, and Dogecoin may be doing just that.
Common pattern: breakout from a multi-year descending triangle, 200% spike, 60% retracement, and bull market.
After dropping 65% recently, DOGE could be poised for the next big rally! ”
Source: Ali Martinez/X
Looking at the trader’s chart, it appears that he expects Dogecoin to soar towards below $2, well above the current high of $0.7316.
As of this writing, DOGE is trading at $0.113, up over 2% in the past 24 hours.
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