- Earlier this week, Dogecoin (DOGE) reclaimed the tenth position from LINK after a 7% surge but was unable to sustain its gains.
- As DOGE begins to build a bullish pace, experts are predicting a 30% surge in the coming weeks with whales largely influencing price trends.
Dogecoin (DOGE) has been one of the most closely watched altcoins in recent weeks. As Bitcoin (BTC) leads the bullish wave, investors are keen to see if DOGE can break out of its symmetrical triangle. Trading within a tight range, the memecoin has been undecided on its next trend.
Since the beginning of February, DOGE has been gaining pace and looks poised to stage a fresh rally above the $0.088 and $0.095 resistance levels. Earlier this week, Dogecoin rallied by more than 7% to reach $0.08777. This saw the world’s most popular memecoin temporarily regain its position as the tenth-ranked cryptocurrency by market cap.
The price movement coincides with suspicious transactions on Robinhood. A Dogecoin whale stirred the pot after transferring a massive 1.08 billion DOGE (roughly $34 million) to Robinhood, shortly after Dogecoin reclaimed its top 10 spot. While the true motive is unclear, possibilities range from the whale cashing out and putting downward pressure on the price, to seeking better buying opportunities on Robinhood’s large user base, or simply diversifying their portfolio.
🚨 🚨 400,000,000 #DOGE (34,372,214 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/7fiXskuLF0
— Whale Alert (@whale_alert) February 15, 2024
Dogecoin has been struggling in recent weeks due to the network’s lack of real utility, and competition from new memecoins such as Shiba Inu and Solana’s BONK. Furthermore, investor attention once enjoyed by the token due to comments from influential individuals such as Elon Musk has declined. Shiba Inu holds the greatest threat, due to its rising popularity; now the 18th-ranked coin, its token-burning mechanism, and its dynamic ecosystem that supports smart contracts, DeFi, and NFTs.
Regardless, crypto analyst Captain Faibik has predicted a 30% surge in the short term. He points out that DOGE is on the verge of a breakout of its symmetrical triangle.
$DOGE is on the Verge of Symmetrical Triangle Breakout..!!
In Case of Upside Breakout, Expecting +30% Bullish Rally in the Short term. 📈#Crypto #DOGE #Dogecoin pic.twitter.com/j1WL8mv33u
— Captain Faibik (@CryptoFaibik) February 13, 2024
This breakout could easily see the memecoin reclaim its 10th position. This could be key, as the highest-ranked coins are generally regarded to be more stable and safe investment options. Furthermore, speculations surrounding the integration of dogecoin into Elon Musk’s X peer-to-peer payment systems have also sparked optimism. Long-term investors are optimistic that the altcoin can revisit its all-time high of $0.7316 reached in 2021.
However, crypto analyst Ali Martinez has shared a warning about the short-term price movement. He notes there has been a notable decline in transaction volume and a decrease in whale transaction count, indicating a downturn in overall trading activity.
“This could be a sign that fewer people are buying, selling, or transferring DOGE, possibly due to reduced interest or confidence in it,” Martinez noted. But with whales beginning to make moves, they could easily change the trend for the memecoin.
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