dogecoin 
$0.107232 (DOGE) users are observing a sudden increase in activity on the network. Popular on-chain strategist Ali Martinez stated in a statement to his 73,400 followers on social media platform X that this increase may have been supported by institutional investors.
Increase in Network Activity
Martinez stated that there has been a steady increase in the number of large transactions on the Dogecoin network, and this has positioned institutional players and DOGE whales for a potential upward move.
Big Investments and Whales
Noting that last week, cryptocurrency whales purchased DOGE exceeding $100 million in just one day, Martinez said that this could be positive signs for DOGE’s future performance.
Market Expectations
Martinez, who thinks that Dogecoin can repeat the big rally in 2017 and 2020, predicts that DOGE can exceed $ 2, rising above the current all-time high of $ 0.7316. Analyst: “Dogecoin whales purchased over 1 billion units of DOGE in 24 hours, totaling approximately $108.7 million!” he added.
Dogecoin is trading at $0.113 at the time of writing and has increased by over 2% in the last 24 hours.
Martinez noted that DOGE could break out of a multi-year descending triangle formation, experiencing a 200% increase, a 60% pullback, and then a bull run.
After DOGE recently fell by 65%, it was emphasized that it could be a harbinger of the next big rally.
Increasing transaction volume on Dogecoin’s network and large purchases by whales offer hope for a possible rise in the future. Investors continue to watch whether this trend will continue.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
