Neptune Digital Assets disclosed acquiring 1,000,000 DOGE in late December at $0.37, however, Dogecoin price remained steady on this news.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
3 mins read
Dogecoin price DOGE $0.17 24h volatility: 0.6% Market cap: $24.71 B Vol. 24h: $833.18 M has recently showcased strong underperformance, dropping more than 30% on the monthly chart while flirting around $0.26 levels. However, DOGE continues to attract institutional and whale attention. Furthermore, market analysts believe that Dogecoin could stage a parabolic rally to $10 by April this year considering previous bull run activities.
On Tuesday, Canadian crypto company Neptune Digital Assets revealed that it acquired 1,000,000 DOGE. However, the acquisition took place back on December 27 when the Dogecoin price was trading at $0.37. Hence the disclosure had little impact on DOGE on Tuesday, which has been subject to broader market volatility in recent times.
After flirting around $0.33 for quite some time, the DOGE price has faced strong correction dropping by more than 20% over the past week to $0.2666. As per the CoinGlass data, the DOGE futures open interest has also tanked 3.41% to $2.45 billion. On the other hand, the 24-hour liquidations have also shot to $8.38 million.
Dogecoin’s whale transaction count has surged above the 200-day moving average (DMA), raising speculation about a potential price rebound. On December 20, 2024, Dogecoin formed a capitulation candle after plummeting 45% in just 12 days.
During this period, whale transaction counts spiked above the 200DMA, indicating significant buying activity from large holders. This accumulation was followed by a 52% price surge over the subsequent 15 days. A similar setup is emerging as Dogecoin’s whale transaction count once again rises above the 200DMA following a 53% crash over 16 days. Thus, if history repeats, we might see a rally to $0.40 ahead.
Source: MAXPAIN
Based on historical chart patterns, Dogecoin enthusiasts are speculating a mega Dogecoin price rally to $10 by April this year, where the largest meme coin is likely to peak. A popular analyst on the X platform, DogeCapital, shared his thesis where the DOGE price action is showing striking similarities with previous market cycles. The analyst shared two previous bull runs for Dogecoin. He wrote:
Source: DogeCapital
Currently, Dogecoin is in the third cycle, and if history repeats, the analyst suggests that Dogecoin could see a potential peak around the week of April 14, 2025.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
