Dogecoin (DOGE) Primed for Historic Breakout as Whales Accumulate Millions

Dogecoin (DOGE) is once again capturing the attention of the market as bullish momentum surges through. Optimism regarding meme cryptos such as Dogecoin has increased as Bitcoin continues to meander near historic highs.

Dogecoin (CRYPTO: DOGE) billionaires have acquired 160 million dogecoins over the last 24 hours, an interesting development that has sparked speculation regarding the coin’s next major move.

What Happened: Major investors are usually optimistic when they make these large acquisitions, which often come before quick price increases.

According to X, market analyst Ali Martinez, this whale activity is in line with Dogecoin's continuing uptrend.

"Dogecoin has already seen a 320% increase over the last year, making such hopes of a massive rally more promising. This significant buying pressure also brings back discussions regarding the coin crossing the elusive psychological barrier of $1 - a barrier DOGE has never crossed despite being one of the most popular coins."

The present market structure is being compared by market observers to the explosive rally of 2021, during which Dogecoin experienced a 30,000% increase.

Recently, crypto analysts have noticed that Dogecoin’s chart is forming a familiar consolidation pattern, which often precedes a major breakout.

In 2021, a similar setup propelled DOGE to its all-time high of $0.7376. Now, with the coin trading around $0.4075, there’s growing anticipation for another sharp upward trajectory.

Veteran analyst Cantonese Cat has even speculated that Dogecoin could reach $24 in the long term if the broader market remains bullish.

While these predictions are bold, history shows that Dogecoin’s performance can surprise even the most experienced traders.

Why It Matters: A dogecoin billionaire is a person or entity that holds at least one billion dogecoins. These large holders can significantly influence the coin's price movements, especially over the short term.

Recently, several dogecoin billionaires have been observed making large acquisitions, which has contributed to the coin’s strong performance.

Dogecoin's popularity among retail investors and its frequent mentions in the media have also helped sustain buying pressure.

The coin's upcoming major move is the subject of much speculation, with some traders expecting a sharp increase and others anticipating a period of consolidation before another breakout.