• Dogecoin whales purchased over $134 million in DOGE within 24 hours, hinting at a large-scale accumulation phase.
• Technical analysis shows Dogecoin repeating its classic accumulation-to-breakout cycle seen in 2017 and 2021.
• Experts forecast a potential surge to $7.20, aligning with previous explosive uptrends in its historical pattern.

Dogecoin (DOGE) is riding an upward momentum, showing impressive growth in its value. Over the past 24 hours, the token has shown stability, while over the last week, it has surged by 5.15%, signaling renewed investor confidence and market enthusiasm.

At the time of writing, DOGE is trading at $0.1977, with a 24-hour trading volume of $1.61 billion, marking a slight 2.86% surge compared to the previous day. Its market capitalization stands at $29.9 billion, underscoring its continued momentum in the crypto market.

Source: CoinMarketCap

Dogecoin Whales Accumulate $134 Million to Boost Adoption

A prominent crypto analyst, CEO, highlighted that whales made a bold move in the crypto market, purchasing over $134 million worth of Dogecoin (DOGE) in the past 24 hours. This surge in accumulation signals rising confidence among top investors and has sparked talk of a potential price rally. Market watchers note that whale activity often precedes major volatility in DOGE’s price.

Analysts suggest the buying could be tied to optimism around Dogecoin’s long-term potential and the broader crypto recovery. This sudden whale demand may set the stage for a bullish breakout. All eyes are now on whether Dogecoin can sustain momentum and turn accumulation into a rally.

Also Read: Dogecoin Nears Key Resistance at $0.23–$0.25 Breakout Eyes Bullish Move

DOGE Poised for $7.2 Breakout as Classic Cycle Reemerges

Moreover, the data from Bitcoinsensus revealed that Dogecoin (DOGE) seems to be following the old trend: a strong bear period, a quiet accumulation trend, and then a sudden breakout. This trend has been a regular characteristic of every bullish rally for Dogecoin. Traders are now speculating that a target of around $7.20 may be expected to be reached.

Source: X

Historically, every cycle has provided hyperbolic performance as a flood of retail interest gets sparked across the market. This current arrangement has been likened to previous arrangements before a bull run in 2017 and 2021 and has led to speculations that history may indeed rhyme again. Dogecoin’s next legendary performance should be right around the corner if the current trend persists.

Dogecoin Community Reflects Strong Investor Optimism

Additionally, the data from CoinMarketCap revealed that the community sentiment reveals that there is a strong and positive sentiment with a high optimism level of 85%, which means that the overwhelming majority of users are positive about future trends and believe that the price trend will go upwards.

Source: CoinMarketCap

On the other hand, only 15% of the voters display a bearish sentiment; they foresaw possible downturns or short-term corrections. This sector still remains questioning the future of steady growth and market stability. Overall, with a total of 1.5 million votes, the general sentiment remains bullish.

Also Read: Dogecoin Bulls Hold Strong: $DOGE Poised for 3x Move to $0.65