DOGE Eyes 200% Surge, According to This Major Metric

Dogecoin Poised for 200% Surge, Analyst Predicts

Cryptocurrency trader and analyst Ali Martinez (@ali_charts) anticipates a significant price surge for Dogecoin (DOGE), the original meme coin.

Bearish Sentiment May Spur Rally

According to Martinez, the current bearish market sentiment for DOGE resembles that observed in early February, just prior to a remarkable 200% price increase. This suggests that similar market dynamics are now in play.

Whale Activity Signals Accumulations

Martinez notes that Dogecoin whales have accumulated significant amounts of DOGE in recent days, with over 700 million coins acquired in the past three days alone. Whale Alert has also tracked massive transfers of DOGE, including 1.5 billion coins exchanged anonymously over the past 48 hours.

Double-Digit Price Rise Expected

Martinez's analysis suggests that DOGE could double in value, surpassing its March high of $0.18. This surge would be supported by the aforementioned whale activity and the broader bullish sentiment in the cryptocurrency market, driven by the rise of Bitcoin and the approval of spot Bitcoin ETFs by the SEC.

Current Market Situation

At the time of writing, DOGE is trading at $0.15887, up 2.89% after a 4.25% overnight decline.