Dogecoin Users Observe Increased Network Activity

Dogecoin Users Observe Surge in Network Activity

Dogecoin (DOGE) users are witnessing a significant increase in network activity. Ali Martinez, a popular on-chain strategist with over 73,000 followers, suggests institutional investors may be driving this surge.

Rising Large Transactions

Martinez highlights a consistent increase in the number of large transactions on the Dogecoin network, indicating potential positioning by institutional players and "whales" for a potential upward move.

Whale Investments

Last week, Martinez observed that cryptocurrency whales purchased over $100 million worth of DOGE in a single day, which may signal confidence in DOGE's future performance.

Market Projections

Martinez believes Dogecoin could follow the substantial rallies witnessed in 2017 and 2020. He predicts DOGE could surpass its previous high of $0.7316 and potentially exceed $2. He notes, "Dogecoin whales bought over 1 billion DOGE in 24 hours, totaling approximately $108.7 million!"

Current Price and Outlook

At the time of writing, Dogecoin trades at approximately $0.113, up over 2% in the past 24 hours. Martinez suggests DOGE could experience a 200% surge, followed by a 60% pullback, before entering a bullish phase after breaking out of a descending triangle formation.

Conclusion

After a recent decline of 65%, speculation suggests a substantial rally could be imminent. The rising transaction volume on Dogecoin's network and significant whale purchases provide optimism for a potential upward trend.