The Dogecoin meme coin (DOGE) is consolidating around $0.2170 on Monday after hitting $0.2232 on Sunday, March 31st.
According to CoinGecko, DOGE has gained 24% in the past week and 51.5% in 30 days. At the same time, the meme coin has gained 134% since the beginning of 2024.
At the time of writing, DOGE is trading at $0.2166, up 6% in the past 24 days.
Analysts at the Santiment platform said on their X page that DOGE's growth is primarily due to high activity from large holders of the asset.
"The DOGE meme coin, which ranks 8th in market capitalization among all cryptocurrencies, is receiving support from large 'sleeping whales' who are bringing it back into circulation," says Santiment.
Loading...
Renowned crypto trading expert Ali Martinez pointed out that whales have bought 1.40 billion DOGE worth about $280 million in the past two weeks.
Martinez also pointed out to his followers that Dogecoin remains the leader in the meme coin market and could technically repeat the 2018-2021 trajectory.
"If true, DOGE could be at the very beginning of a massive parabolic bull move," the analyst notes at X.
Loading...
The impending rally is also indicated by data from online analytics platform Coinglass, which showed that over $10.5 million worth of positions were liquidated in Dogecoin over the past 24 hours, with short positions totaling $5.66 million. In addition, trading volume increased by 27.33% to $5.06 billion, with open interest exceeding $1.9 billion.
Also read: Meme coin market on the move, pointing to a new rally