Dogecoin (DOGE) Price Prediction: Will DOGE Hit $0.2? Whale Transfer & On-Chain Metrics Fuel Bullish Sentiment

The recent surge in the price of Dogecoin, characterized by a significant weekly rise in double digits, has attracted investors' interest.

Investors are showing more interest in Dogecoin (CRYPTO: DOGE) after its recent price surge, which saw the dog-related cryptocurrency post double-digit weekly gains.

The key takeaway from this narrative is that large whale transactions and on-chain data suggest the possibility of a continued surge in value for the meme coin. At the same time, many market experts predict that the cryptocurrency will cross the $0.2 threshold. Here's a closer look at the events and analysis.

Whale Transfer & On-Chain Metrics Fuel Bullish Sentiment

The cryptocurrency community is buzzing as a major league investor has entered the DOGE market in a big way. According to Whale Alert, a large holder of DOGE has acquired 800 million coins through two purchases on Robinhood. The whale, denoted by the wallet address "DEgDV....1pMke," has added 400 million coins in two separate transactions, amounting to $101 million.

This massive accumulation of DOGE underscores the increasing trust in the meme coin industry. Notably, during the surge, 75% of DOGE holders are showing a gain on their investment. According to data from IntoTheBlock, the positive sentiment suggests the possibility of an upcoming rise.

Moreover, it is worth noting that individuals or entities with significant holdings now possess 62% of the total supply of DOGE. Of this category, the majority, accounting for 67%, are long-term holders, indicating a strong conviction in the cryptocurrency's future. Additionally, Dogecoin has recently achieved the milestone of 90 million addresses, which suggests an increase in both acceptance and market interest.

Will Dogecoin Price Hit $0.2?

According to recent analysis by CoinGape Media, DOGE is facing strong resistance at the price level of $0.128. If the trendline is broken, the price of Dogecoin could potentially rise to $0.174. Furthermore, if this level is crossed, Dogecoin could hit $0.228.

The recent performance and accumulation of large amounts of the dog-themed cryptocurrency by influential investors indicate a positive outlook for its future. Given the growing market interest and positive on-chain indicators, the cryptocurrency is showing signs of being set for a major surge.

At the time of writing, the price of DOGE had a 6% increase and reached $0.1264. Additionally, its trading volume surged by 26% to $798.28 million. Notably, the cryptocurrency reached a peak of $0.1295 within 24 hours and had a 15% increase in value over the week. Furthermore, according to CoinGlass data, the Open Interest (OI) for DOGE Futures had a significant increase of almost 12%, reaching a value of $626 million. This rise in OI corresponds with the prevailing optimistic sentiment in the market.🎜

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