Dogecoin is seeing astounding price surges, with retail wallet holdings increasing while 108 whales re-enter the market to boost the rally further.
Dogecoin is experiencing a surge in market activity, driven by increased interest from retail investors only days after Donald Trump won the U.S. presidential election. Recent data from Santiment, a market intelligence platform, highlights a notable increase in smaller Dogecoin wallets over the past month.
The report revealed that wallets holding less than 100,000 DOGE have increased by 74,885 over the last 30 days. However, while retail activity accelerates, larger wallet categories, such as shark and whale accounts, have decreased by 350 during the same period.
Meanwhile, 108 whale wallets have recently re-entered the Dogecoin market, contributing to Dogecoin’s rally above $0.40, marking its highest level in over three years.
Santiment noted that sustained momentum for Dogecoin depends on simultaneous accumulation by both retail investors and large stakeholders.
The platform added that the coming days will be crucial in determining whether more sharks and whales will return to the market to support the ongoing rally.
Dogecoin Flowing out of Exchanges
Concurrently, data from IntoTheBlock reveals a sharp increase in Dogecoin outflows from exchanges, a trend often associated with accumulation. Over the past 24 hours, outflow volume has surged by 157.64%, reflecting a strong movement of DOGE into private wallets. This trend becomes even more pronounced when viewed over longer periods.
Over the past week, outflows have increased by 434.51%, while the 30-day outflow volume has risen dramatically by 1,820.58%. These sustained outflows indicate heightened interest from long-term holders, suggesting robust support for Dogecoin’s bullish momentum.
Potential Parabolic Growth
Amid these developments, analysts are closely monitoring Dogecoin’s price trajectory. Notably, technical patterns suggest the potential for a parabolic run for Dogecoin. Ali Martinez has pointed to Dogecoin’s recent breakout from a long-standing resistance trendline.
This pattern, observed in previous bullish cycles, has historically preceded significant price surges. For instance, during the 2017-2018 cycle, Dogecoin’s breakout led to an 8,933% price increase, aligning with Fibonacci retracement levels. Based on historical data, Martinez identifies possible future price targets within the 1.618 to 2.272 Fibonacci levels, estimating a range between $3.95 and $23.25.
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