Top meme token Dogecoin (DOGE) is seeing a sudden increase in network activity, a popular on-chain strategist says.
Analyst Ali Martinez told his 73,400 followers on social media platform
“Large numbers Dogecoin Transactions on the network continue to increase, which is reflected by institutional players and viceroy “Whales are positioning themselves to anticipate a potential upturn.”
Last week, Martinez noted that cryptocurrency whales had amassed more than $100 million in DOGE in just one day.
“Dogecoin whales bought over 1 billion DOGE in just (24 hours), worth a total of $108.7 million!”
With Dogecoin flashing signs of life, Martinez now says DOGE could be on the verge of a repeat of the massive rallies witnessed during the 2017 and 2020 cycles.
“History often repeats itself, and Dogecoin may be doing just that.
A familiar pattern: a breakout from a multi-year bearish triangle, a 200% rally, a 60% retracement, and then a bull market.
After the recent 65% drop, DOGE could be poised for the next big rally!”
Looking at the trader’s chart, he appears to be predicting that Dogecoin will break $2, well above its current high of $0.7316.
As of this writing, DOGE is trading at $0.113, up more than 2% in the last 24 hours.
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