Dogecoin (DOGE) Might Be Gearing Up for the Next Big Rally, Analyst Says

Dogecoin (DOGE) has performed well in the last 30 days after gaining by 17%. Dogecoin's market capitalization has also increased to above $21.5 billion

Dogecoin (CRYPTO: DOGE) has seen a remarkable performance in the last 30 days, notching up a 17% gain. This performance has also seen the meme coin’s market capitalization increase to over $21.5 billion, ranking it as the eighth-largest cryptocurrency.

The recent gains come amid an uptick in whale activity. According to data from IntoTheBlock, large Dogecoin addresses, known as "whales," accumulated over 2.10 billion DOGE tokens last week. This marks the highest level of accumulation by these large addresses since January.

A spike in whale interest is typically considered bullish for an asset's price as it indicates positive sentiment towards the asset. In the case of Dogecoin, this could bode well for its price trajectory.

Moreover, according to market analyst Ali_Charts, Dogecoin might be poised for a strong bull run if it follows a past price pattern.

In past years, DOGE has often followed a cyclical pattern. After breaking out of a bearish descending triangle chart pattern, the price rallies by 200%, after which it corrects before entering an official bull season.

“History often repeats itself, and Dogecoin might be doing just that… After a recent 65% pullback, DOGE could be gearing up for the next big rally,” the analyst noted.

At press time, Dogecoin is trading at $0.1468 after a slight 1% gain in 24 hours. The bullish sentiment around DOGE comes amid a broader jump in meme coin prices.

Is the meme coin season back?

The meme coin sector has outperformed the broader crypto market in the last 24 hours, surging by over 7%. Among the top performers, Ethereum-based meme coins Shiba Inu (CRYPTO: SHIB) and PEPE (CRYPTO: PEPE) rose by about 2% and 8%, respectively, in 72 hours.

Solana-based meme coins led the gains with a 14% surge in value.

The hype around SOL-based memecoins also saw FLOKI lose its place as the sixth-largest meme coin to Popcat (CRYPTO: POPCAT), another meme coin that runs on Solana.

POPCAT has surged by about 50% in the last seven days.

The hype around meme coins has sparked discussion about their intrinsic value. This comes after Ethereum co-founder Vitalik Buterin continued to donate meme coins to charity, arguing that they can have a positive societal impact.

“I've said before that I think the best thing for meme coins is if they can be maximally positive-sum for the world, so it's great to see moments when that actually happens!” Buterin said.

In a related development, CryptoQuant’s Ki Young Ju stated that the most “realistic path” for meme coins was if they could be used to resolve social problems.

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