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On-chain data agency IntoTheBlock has published an important chart, which shows a curve of Dogecoin accumulation by large cryptocurrency holders.
According to this data, big Dogecoin whales have accumulated more than two billion DOGE over the past week. The tweet says that this is the largest accumulation since January this year. The curve shows that the billions of DOGE were acquired between Sept. 30 and Oct. 5.
DOGE may rally 200%, analyst believes
Crypto analyst Ali Martinez believes that the largest meme cryptocurrency Dogecoin shows high odds of breaking out and staging a bull run. Before that, DOGE may rally 200% first and then roll back by 60%.
It all will happen, Martinez stated, if history repeats itself for Dogecoin. Currently, the asset seems to be breaking out of its multi-year descending triangle pattern. This has happened before and might be happening now, the analyst wrote in the tweet.
Yuri MolchanHe pointed out that DOGE has already faced a 65% pullback recently, and now “$DOGE could be gearing up for the next big rally!”
Gamza Khanzadaev
Mushumir Butt
Dan Burgin
Vladislav Sopov
U.Today Editorial Team