Dogecoin (DOGE) is seeing a surge in network activity, with users noticing a sharp increase in large transactions. Popular on-chain strategist Ali Martinez shared on X with his 73,400 followers that this uptick may be driven by institutional investors.
Surge in Network Activity
Martinez highlighted that the number of large transactions on the Dogecoin network has been steadily increasing, suggesting that institutional players and DOGE whales may be positioning themselves for a potential rally.
Massive Investments by Whales
Over the past week, crypto whales have purchased more than $100 million worth of DOGE in a single day. Martinez noted that this could be a positive indicator for Dogecoin’s future performance.
Market Expectations
Martinez believes that Dogecoin could replicate its massive rallies seen in 2017 and 2020, potentially breaking its all-time high of $0.7316 and even surpassing the $2 mark. He added, “Dogecoin whales have purchased over 1 billion DOGE, totaling around $108.7 million in 24 hours!”
At the time of writing, Dogecoin is trading at $0.113, having seen a 2% increase in the last 24 hours.
Martinez suggested that DOGE could break out of its multi-year descending triangle formation, leading to a 200% surge, followed by a 60% pullback, and then a bull run. After a recent 65% drop, DOGE could be on the verge of its next major rally.
With the growing transaction volume on Dogecoin’s network and whales making significant purchases, there’s growing optimism for a future price surge. Investors are closely watching to see if this trend will continue.
For more updates on Dogecoin and the broader crypto market, visit Dey There.
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