Dogecoin Preparing for a Mega Parabolic Bull Run? Understand

The biggest meme cryptocurrency, Dogecoin gearing up for a mega parabolic bull run? Recently, Dogecoin (DOGE) surpassed an important threshold and is showing signs that it is ready for an upward movement in the future.

Last week, the price of Dogecoin soared, reaching a new milestone. During the recent rally, the Dogecoin token managed to recover the US$0.20 price level for the first time since December 2021. Since then DOGE has been trading around US$0.20, remaining stable in this zone.

In a recent analysis, cryptocurrency expert Ali Martinez noted that memecoin appears to be reflecting the 2018-2021 chart pattern, suggesting a potential massive parabolic bull run.

“I feel like my fellow degens have gotten distracted by the shiny new memecoins, but Dogecoin remains the most important altcoin in this space. From a technical point of view, DOGE appears to reflect the 2018-2021 pattern. In that case, $DOGE could be at the start of a huge parabolic bull run!” he stated.

I feel my fellow degens have been distracted with the new shiny #memecoinsbut #Dogecoin remains the most important #altcoin in this sector.

From a technical perspective, #DOGE seems to mirror the 2018-2021 pattern. If so, $DOGE could be at the very beginning of a massive… pic.twitter.com/WGREwsxPcb

— Ali (@ali_charts) March 31, 2024

Dogecoin is being fueled by large sleeping whales as price rises

Meme cryptocurrency Dogecoin (DOGE) is being fueled by large sleeping whales as its price continues to rise over the past week, according to a recent analysis shared by on-chain platform, Santiment.

The analysis, published on March 31, noted that the memecoin Dogecoin managed to show an increase of more than 10% yesterday, reaching a value of 29% in the week. According to the platform, DOGE is being fueled both by large holders who were dormant, and by the lack of FOMO (fear of missing out/missing out).

“The top memecoin by market cap (#8 market cap crypto asset overall) is being fueled by large sleeping whales moving $DOGE back into circulation and the lack of FOMO that would normally form tops.”

At the time of publication, the price of Dogecoin was quoted at US$0.203, down 2.4% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$3,766,137,544. In the last seven days, DOGE has increased its price by 18.1%.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.