Meme Coin Whales Accumulate Dogecoin as Top Analysts Predict Money Rotation From XRP to DOGE

Large investors are turning their attention to Dogecoin, sparking discussions of a potential surge in value. Amid predictions of capital shifting from XRP to DOGE, analysts and industry observers are taking note of key market patterns and investor movements that could drive momentum.

Large investors are turning their attention to Dogecoin (CRYPTO: DOGE) once again, sparking discussions of a potential surge in value as top analysts predict a shift in capital from XRP (CRYPTO: XRP) to DOGE.

Here's a closer look at the key market patterns and investor movements that could drive momentum in the meme coin.

Whale DOGE Accumulation Points to Rising Interest

According to crypto analyst Ali on X, Dogecoin whales added 160 million DOGE over the weekend. This activity highlights the growing interest in the crypto, particularly among large-scale investors.

"Dogecoin whales bought an additional 160 million $DOGE during the weekend!"

Whale accumulation is often viewed as a precursor to increased market activity, signaling confidence in the asset's potential.

Simultaneously, another crypto analyst, ProfessorAstrones, noted in their tweet that funds from XRP may soon flow into DOGE. This sentiment is supported by a symmetrical triangle pattern on the DOGE chart, which suggests potential for a bullish breakout.

"Funds from XRP might enter DOGE soon, judging by the PA and technicals. A symmetrical triangle on the DOGE higher timeframe with increasing volume."

A potential breakout, driven by volume increases, could push DOGE to the $0.60–$0.65 range. Conversely, a bearish scenario could see the price testing support near $0.35.

Analysts Anticipate XRP-to-DOGE Capital Rotation

As XRP approaches a local peak, market observers, including CryptoGodJohn, suggest that funds might shift toward DOGE. This hypothesis aligns with historical patterns of capital flowing between major cryptocurrencies, often influenced by the performance and market narratives.

"I think eventually when $XRP locally tops money will flow into normies second favorite coin -> DOGE."

CryptoGodJohn also highlighted DOGE's improving metrics, such as lower funding rates and reduced open interest, which could contribute to its appeal among investors.

"Also, if you look at the DOGE derivative market, it's looking very healthy. Funding went down a lot and OI (open interest) decreased massively."

Bullish Projections for 2024

ProfessorAstrones expressed confidence in DOGE's long-term potential, setting price targets of $1 initially and $3 to $5 in the next year. These projections align with optimism around DOGE's adoption and the broader market's interest in meme coins as a speculative asset class.

"I still think that DOGE will hit at least $1 in 2024, and I wouldn't be surprised if it reaches $3 to $5 if the market does well."