Dogecoin (DOGE) Primed for Parabolic Growth: Key Metric Surges Amid Whale Activity

• Dogecoin is predicted to be gearing up for a massive surge following a huge shift of large holders’ net flow from a negative reading to 386 million Doge. 

• According to analysts, the ongoing pullback is part of its unusual behavior that mostly precedes an unimaginable surge. 

Dogecoin (DOGE) continues its bearish extension with a decline of 3.9% in the last 24 hours, 15% in the last seven days, and 19% in the last 30 days to trade at $0.138.

However, the current price action contrasts its on-chain activities which have recorded a significant surge in the last 24 hours. According to data from IntoTheBlock, large holders’ net flow for the asset has shifted dramatically from a negative zone to 386 million DOGE.

Per the interpretation from analysts, this metric provides a real-time update on the movement of whales and investors possessing at least 0.1% of an asset’s circulating supply. Based on the current reading, there is an aggressive accumulation of the asset by big players, signaling a bullish outlook. On the other side, a staggering surge in net flow depicts a market bottom. 

Coinciding with the spike in this metric is the inflows to the wallets of large holders which almost reached a 200% surge in just a day, hitting 425.97 million DOGE. A look at the outflow from the wallets of large holders expectedly saw a considerable decline from 222.14 million DOGE to 39.98 million DOGE. These metrics also appear in line with a recent prediction by analyst Ali Martinez, claiming Dogecoin is gearing up for a massive bull run. 

Analysts Bullish on Dogecoin

For the ongoing bearish phase, Martinez explained that it is part of its unusual behavior prior to a massive bull run. To sound more convincing, the analyst referred to a situation in 2017 where Dogecoin retraced by 40% before making an upsurge of 1000%. This also repeated in 2021 when the asset declined by 56% before exploding by 12,000%, hitting its time high of $0.7 in the process as formerly reported by Crypto News Flash. 

Now, in 2024, DOGE has yet again broken out of a descending triangle! It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next DOGE bull run.

Martinez’s position appears unchanged, maintaining a similar stance he took in April. At that time, he predicted that the asset would soon break the negative trend, claiming the dog-themed coin is in a consolidation phase after following a descending triangle. Taking a cue from past performance, the analyst predicted that Doge would soon break the $1 resistance level.

Dogecoin is showing its classic pattern once again! $DOGE is currently consolidating after breaking out from a descending triangle. Based on past trends, we might just see #DOGE rocket towards $1 in the coming weeks.

Similarly, analyst JAVON MARKS described the ongoing market behavior as a healthy pullback. According to him, the asset has the potential to hit $0.65 in a 315% surge. A Mikybull Crypto and Trader Tardigrade also asserts that the real bull is about to start. According to him, the asset is running a seven-year cycle and could send the price to a staggering $40.