Dogecoin (DOGE) signals a significant breakout, aiming for a parabolic rally towards $1.7, buoyed by robust whale accumulation. This rally coincides with Shiba Inu (SHIB) joining the meme coin surge, experiencing a 20% surge in value.
The biggest memecoin, Dogecoin (DOGE), has jumped into the crypto market excitement, recording a 33% increase in the past day. Surpassing $0.1 for the first time since November 2022, Dogecoin’s price now stands at $0.125 with a market cap of $17.91 billion.
DOGE Surges Above 12 Cents with High Trading Volumes
As Dogecoin (DOGE) surpasses the 12-cent mark, its 24-hour trading volumes have skyrocketed by an impressive 156% to $4.77 billion. Over the past week, DOGE’s price has surged by an astonishing 50%, signaling the potential start of the next bull run.
#Dogecoin for the 4th time in History is flashing a 2 week super trend buy signal. After each buy signal was confirmed it immediately began parabolic price action for the months ahead #DOGE. 10 days to confirm this. #Altcoins #Crypto pic.twitter.com/ra5KOU3o5J
— Yomi (@OG_Yomi) February 29, 2024
For the fourth time in its history, Dogecoin is indicating a two-week super trend buy signal. Historically, each confirmation of this signal has led to immediate parabolic price action for DOGE in the following months.
Dogecoin is experiencing significant whale accumulation, as indicated by data from the blockchain tracking platform Whale Alert. A staggering 276.21 million DOGE was accumulated from Robinhood, an American financial services company.
Two major whale transactions contributed to this substantial accumulation from Robinhood. The first transaction involved the accumulation of 172.89 million DOGE, valued at $16.59 million, by the address DEndnpPewG…gWLmkNMAtU. Meanwhile, the second transaction showed that the address DGG1Ght6LB…pcSXme8X5S acquired 103.32 million DOGE, totaling $9.87 million.
Cryptocurrency Expert Predicts Dogecoin Parabolic Breakout
Renowned cryptocurrency trading expert Ali Martinez forecasts a potential parabolic breakout for Dogecoin, predicting a surge to $1.7 by April. Martinez draws insights from historical chart patterns and the evolving dynamics of the market.
The price action of #Dogecoin is showing familiar patterns reminiscent of its 2020 behavior. Back then, $DOGE broke out from a descending triangle, entered a period of consolidation, and then skyrocketed by 28,770%.
Currently, #DOGE appears to be mirroring this pattern: having… pic.twitter.com/69yXnlYRJd
— Ali (@ali_charts) February 23, 2024
The recent price action of Dogecoin has ignited a rally across the memecoin space. Shiba Inu, in particular, has gained 20% in the last 24 hours, currently trading at $0.00001301 with a market cap of $7.67 billion. Daily trading volumes have also surged by 70%, surpassing $1.5 billion.
Shiba Inu Price Surges Amidst Community Breakthroughs
As of the latest update, the price of Shiba Inu has witnessed a remarkable rally of 21.54% over the past 24 hours, reaching $0.00001321. This surge is accompanied by substantial increases in the meme coin’s market cap and 24-hour trading volume, which have soared by 20.99% and 66.60%, respectively.
The recent surge in Shiba Inu’s price is attributed to a series of breakthroughs within the Shiba Inu crypto community, notably including the launch of SHEboshi. Coinglass data corroborates this trend, indicating an upward trajectory for the meme coin in the market, aligning with SHIB’s surge. Notably, open interest has surged by a significant 25.96%, while trading volume has skyrocketed by 127.11%.
Recent reports suggest that Shiba Inu plans to introduce a new privacy-centric network on the Shibarium blockchain, aiming to enhance the value proposition of SHIB tokens. Additionally, Shiba Inu Futures Open Interest has experienced a notable increase of 120%. Looking forward, the Shiba Inu price may target crucial resistance levels at $0.0000119, $0.0000158, and $0.000018.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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