Dogecoin (DOGE-USD) is showing signs of another major breakout, similar to its explosive 2021 rally. With whale activity on the rise, some experts are predicting a possible 85% surge in the coming weeks. According to Messari, addresses holding over 1 million DOGE have now accumulated a record 130.2 billion DOGE, signaling growing confidence among large investors. This surge in whale holdings echoes patterns seen during the 2021 price rally.
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DOGE Enters Familiar Consolidation Phase
Currently, Dogecoin is trading in a tight range of $0.39-$0.48, entering a consolidation phase that mirrors its price action from early 2021 before it experienced a dramatic 8,000% rise. If the same pattern plays out, experts predict DOGE could hit $0.75 by January 2025, representing an 85% increase from its current price. Fibonacci retracement projections also support this potential price target, signaling that a breakout might be imminent, as noted by Messari and Cointelegraph.
Musk’s Influence and Whale Activity Drive Speculation
The influence of Elon Musk continues to be a driving force behind Dogecoin’s performance. CNBC notes that his recent actions, such as launching the Department of Government Efficiency (DOGE), have renewed speculative interest in the memecoin. This, combined with growing whale activity, sets the stage for another bullish phase in the Dogecoin market. Musk’s tweets, which were key in fueling the 2021 surge, are still having a significant impact on the cryptocurrency’s price movements.
At the time of writing, DOGE is sitting at $0.4108.
