Is Dogecoin Gearing up for Further Rally?

DOGE’s market cap reached almost $40 billion.

The largest meme coin in terms of market capitalization has registered a 15% price increase over the past week and is among the top-performing cryptocurrencies within that period.

The recent whale accumulation signals that the rally may be far from over, with the potential for even more substantial gains ahead.

Loading up on Coins

According to popular X analyst Ali Martinez, Dogecoin whales (wallets holding between one and ten million DOGE) have snapped up over 30 million coins in just 24 hours. The stash, valued at nearly $8 million, pushes their total holdings to almost 11 billion DOGE, or about 7% of the token’s circulating supply.

This effort reflects strong conviction among these market participants, which could, in turn, inspire smaller investors to follow their lead. Moreover, it reduces the amount of DOGE available on the open market, and basic economic principles suggest that prices could climb further if demand remains steady or heads north.

As of this writing, the meme coin trades at roughly $0.26, with numerous analysts envisioning further gains. X user Trader Tardigrade spotted the formation of a “cup and handle” pattern on the price chart, arguing it could lead to an ascent to $0.30.

Another with the moniker Clifton Fx is even more bullish, predicting that DOGE might be on the verge of a 200% – 300% pump to as high as $0.74. Those willing to explore additional price forecasts can take a look at our dedicated article here.

DOGE Solidifies Its Leadership

Following the latest price increase, Dogecoin’s market cap has reached almost $40 billion, representing approximately 50% of the total capitalization of the entire meme coin sector.

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Its dominance against its competitors in the niche continues to rise, and now that gap to the second-largest Shiba Inu (SHIB) is more than $32 billion.

Pepe (PEPE) is third with a market capitalization of around $4.2 billion, while Meme Core (M), Pump.fun (PUMP), and Pudgy Penguins (PENGU) follow next.