Whales have bought at least 1.08 billion DOGE between 2 and 3 January.
DOGE's price could see an accelerated growth towards $0.45 based on this whale activity.
As per earlier predictions, Dogecoin could rally 12000% from these levels, reaching a maximum price of $36 in 2025.
Historic chart patterns also indicate the occurrence of a rally in Q1 2025.
Crypto chart expert Ali Martinez tweeted that there was a massive whale build-up in Dogecoin. According to the expert, DOGE whales have reportedly bought 1.08 billion DOGE, approximately $350 million to $370 million in monetary value.
At press time, DOGE quoted a price of $0.37, up by a massive 10.68% in the last 24 hours. This rally in DOGE could be the impact of whales driving up market demand.
Further, as the crypto markets began to recover in early January 2025, Dogecoin and Cardano emerged as the largest winners, with 10.68% and 14% gains at the time of writing.
An increase in whale activity in DOGE indicates a future rally, as whales tend to detect and influence further rallies in crypto markets. Currently, Dogecoin has a whale domination of 41.74%, as per CoinMarketCap.
Whale Dominance in Dogecoin
CoinMarketCap
An increased whale dominance in a cryptocurrency has both positive and negative aspects. On the positive side, whales are long-term investors who can hold their cryptos patiently, like in Ethereum. However, on the flip side, they also tend to manipulate newcomers and novice users by trapping them using bull traps.
On 8 December 2024, Dogecoin reached a high of $0.48 with strong bullish currents in the crypto market. DOGE had never been this high since its crash after the 2022 Crypto Winter. However, this time, Bitcoin's journey above $100k and a subsequent altcoin rally acted as a strong bullish trigger for DOGE.
As the crypto markets are expected to move towards newer highs in January 2025, we have strong reasons to believe DOGE could also reattempt $0.45 by the end of this month.
DOGE Shows Possible Cup and Handle on Weekly Charts
Tradingview
Taking a look at DOGE's weekly charts, we see the clear formation of a cup-and-handle pattern. A cup-and-handle pattern in DOGE would be completed once it crosses the $0.46 level. After the crossover, DOGE has a little resistance at $0.56, and then the sky is the limit.
Theoretically, the present cup and handle pattern on DOGE should raise its price to $4 as per our (i.e., VOC's) estimates and experience with charts. However, factors such as broader market sentiments and regulations influence the price.
The same expert, Ali Martinez, had earlier predicted a 12000% rally in DOGE from $0.3. This prediction is based on DOGE's past performances in 2017 and 2021, which, after a similar drawdown like this month, took DOGE on a rally of 5,000% and 12,000%, respectively.
This cycle seems to repeat every four years with DOGE, although with varying degrees of gains. A 12000% rally from $0.3 levels could take DOGE to $36 levels, which could then make it a $6.6 trillion market cap crypto.
The year 2025 seems biased toward altcoins, especially those working in the Layer-1 space, like Ethereum, XRP, Solana, BNB, Dogecoin, and TON. These top cryptocurrencies have seen quicker recoveries than other crypto projects.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.