Following Donald Trump’s election as US president, Dogecoin saw an upswing in activity. This uptick is indicative of an overall trend across cryptocurrency industry; cryptocurrency analyst Ali Martinez of Santiment noted a substantial surge in high-value transactions within Dogecoin network; 588 transactions exceeding $1 million were confirmed within 24 hours!
Heightened Interest in Dogecoin Through Large Transactions
Recent surges in large Dogecoin transactions augur an imminent major turnaround, signaling liquidity bottoms that often precede upward momentum. Such increases typically signal increased investor trust when market sentiment turns bullish.
This upsurge in investment activity is both large and timely, correlating with optimistic sentiment surrounding Donald Trump’s inauguration. Transactions suggest accumulation by investors rather than sell-offs or profit taking.
As cryptocurrency markets remain broadly bullish, and anticipation of pro-crypto policies from Donald Trump’s administration, transactions appear to indicate accumulations rather than selloffs. If any activities constitute selling-offs, their duration would likely be short before being overtaken by market momentum and positive sentiment.
Dogecoin has also made waves on social media, garnering over 500,000 mentions in one day on platform X alone. Partly responsible is the Department of Government Efficiency’s coincidencentally sharing its acronym DOGE which generated considerable excitement. Such visibility boosts retail participation while potentially colliding with whale activity to push prices even higher.
DOGE Price Analysis: A New Multi-Year Bullish Pattern
Martinez also observed that DOGE is trading within an ascending parallel channel for over five years on the weekly candlestick timeframe, reflecting an emerging bull market which began after its rebound from the lower trendline of this channel recently, continuing upward momentum since. Such steady gains could signal long-term bullish momentum for DOGE.
According to this chart pattern, the bullish target for an ascending parallel channel stands at $15 at its upper trendline; currently trading at $0.343, reaching this goal would represent an extraordinary 4,273% price increase from its current value level.