Whales Buy 270 Million Dogecoin; 20,169.93% Parabolic Surge Coming for DOGE?

The cryptocurrency market has seen significant volatility recently, with several assets experiencing sharp price drops. The sharp market correction caught many investors by surprise, resulting in billion-dollar liquidations. Among the assets with the worst initial performance recently, Dogecoin (DOGE).

While many investors panicked over the dips, on-chain data revealed an interesting move by whales, large holders of cryptocurrencies. According to cryptocurrency analyst Ali Martinez, DOGE whales took advantage of the price drop to accumulate more tokens.

Martinez shared A chart from December 24 shows the massive activity of Dogecoin whales recently. According to the data, large holders have purchased 270 million Dogecoin in the last 96 hours. In one week, the price of DOGE has seen a drop of almost 14% while the token has lost 22.3% in value in one month. The price drop was closely followed by whales who took advantage of it to add more tokens to their portfolios.

Source: Santiment/Ali Martinez

Does the recent move herald a potential bullish move for the market’s largest memecoin? DOGE could be preparing for another parabolic rally, according to Martinez. The crypto trading expert observed a pattern for DOGE in 2017 and 2021, when the memecoin experienced a rally followed by a sharp pullback and then began a parabolic run in price.

Martinez suggested in his technical analysis that if DOGE exhibits the same pattern seen in the aforementioned years, another parabolic rally for the memecoin is on the way. According to the projection , Dogecoin could see an epic 20,169.93% surge in its price.

“In 2017, when Dogecoin began its parabolic run, it rose 212%, retraced 40%, and then surged 5.000%. In 2021, it rose 476%, retraced 56%, and then surged 12.000%. Now, in 2024, $DOGE is up 440% and retraced 46%. If history repeats itself, another parabolic rally is on the way!” the analyst wrote.

Source: TradingView/Ali Martinez

At the time of publication, the price of Dogecoin was quoted at $0,3307, up 3.2% in the last 24 hours.