Dogecoin (DOGE) Renewed Interest From Million-Dollar Transactions Suggests the Possibility of a Significant Upswing

The Dogecoin network has seen a significant surge in activity following the inauguration of US President Donald Trump. Although this surge in activity cuts across the entire industry, on-chain data has revealed interesting dynamics among Dogecoin holders.

Dogecoin Surges as Million-Dollar Transactions Skyrocket Post-Trump Inauguration

The Dogecoin network has seen a massive surge in activity following the inauguration of US President Donald Trump. While the activity is generally strong across the board, on-chain data reveals interesting dynamics among Dogecoin holders.

Crypto analyst Ali Martinez brings these developments into focus, highlighting a remarkable surge in high-value transactions on the Dogecoin network. According to Martinez, Dogecoin recorded an impressive 588 transactions exceeding $1 million in the last 24 hours.

Dogecoin Sees Renewed Interest From Million-Dollar Transactions

The recent surge in large-scale Dogecoin transactions hints at a possible significant upswing, as this activity usually indicates a liquidity bottom that initiates an upward momentum. Historically, an increase in high-value transactions is associated with renewed confidence from investors, especially when the market sentiment shifts toward bullish trends.

In Dogecoin’s case, the transactions are not just sizable but exceptionally significant, with each exceeding $1 million. What makes this surge even more compelling is the timing, as it coincides with the bullish sentiment surrounding Donald Trump's inauguration. Hence, the current increase in transactions appears more indicative of accumulation rather than sell-offs or profit-taking.

The entire crypto market is currently in a bullish phase, with smart money entering early in anticipation of a pro-crypto environment under the new Donald Trump administration. This further adds to the narrative that these transactions could be more of accumulations rather than selloffs. Even if some of the activity includes sell-offs, the overall bullish sentiment suggests that such events may be brief, quickly absorbed by the market’s positive momentum.

Dogecoin is also surging on social media, with over 500,000 mentions on platform X in the last 24 hours. This is largely due to the newly created Department of Government Efficiency, which shares the same acronym as Dogecoin's ticker (DOGE), sparking enthusiasm. Increased visibility on social media translates into retail participation, which could create a combined effect with whale activity to drive the price higher.

DOGE Price Analysis: A New Multi-Year Bullish Pattern

In another technical analysis, Martinez observes that DOGE is trading within a multi-year ascending parallel channel on the weekly candlestick timeframe. The ongoing bull market gained momentum after Dogecoin rebounded off the lower trendline of the channel in late 2023, and it has been trading up ever since. This sustained climb along the channel suggests that DOGE could continue its bullish price action over the longer timeframe.

For a price target, the chart pattern projects a bullish target of $15 at the upper trendline of the ascending parallel channel. At the time of writing, DOGE is trading at $0.343, so reaching this target would mark an incredible 4,273% increase from its current price level.