Dogecoin Targets $10 as Whale Activity and Accumulation Surge

Dogecoin has been gaining traction in recent weeks, showing strong signs of recovery and upward momentum. Having moved from oversold levels into overbought territory, the cryptocurrency appears positioned for a rally.

Analysts are closely watching the $8–$10 price range, which many believe could be the next target in this bullish market phase. This optimism is fueled by a mix of technical indicators and increased market interest in meme coins.

#Dogecoin has been bouncing between the Oversold and Overbought Zones on macro chart 🔥$Doge has just left the oversold zone and is now heading to the overbought zone, which is projected linearly at around $8 to $10.
I consider this is the top of this cycle.
The next floor price… pic.twitter.com/LiOIuZaX63

— Trader Tardigrade (@TATrader_Alan) December 9, 2024

One notable development was the reactivation of a long-dormant whale wallet containing 870,000 DOGE, which had remained untouched for over 11 years. This transaction yielded an astonishing 64,249% profit for its holder. While the movement didn’t significantly impact the market, it highlights growing confidence in Dogecoin’s prospects. Dormant wallets coming back to life often signal renewed interest and optimism among long-term holders.

Adding to this positive sentiment, large-scale investors have been steadily accumulating DOGE. Over the past month, whales have acquired more than 550 million tokens, taking advantage of price dips to strengthen their positions. This activity reflects a broader trend of institutional and large-scale interest in Dogecoin as a potentially lucrative investment.

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Looking ahead, experts predict a potential breakout for Dogecoin beyond its current levels. After consolidating around $0.60, the cryptocurrency may soon climb to $0.93 or even $1.05. Historical trends and increasing market activity suggest that Dogecoin’s price trajectory could surprise investors, making it a focal point in the ongoing crypto rally.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.