Blockchain tracker Whale Alert reported a series of large Dogecoin transactions within the last 20 hours, totaling over half a billion DOGE. According to an analyst, this spike could signify a bullish trend for the original meme cryptocurrency as it forms a promising chart pattern.
Massive DOGE Transfers Spotted
Whale Alert detected three significant Dogecoin transactions within a short period. The largest transfer amounted to 239,781,696 DOGE, with the two smaller transactions nearly identical at 142,282,194 and 142,782,193 DOGE. Combined, these transfers moved a staggering 525 million DOGE, approximately $190.5 million in fiat currency.
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Notably, the transaction moving 142,282,194 DOGE went directly to Coinbase, the largest cryptocurrency exchange in the U.S., while the other two involved anonymous wallets.
Crypto analyst Ali Martinez recently tweeted that Dogecoin has formed a bullish “Bull Flag” pattern on shorter time frames. He suggests that if DOGE holds the $0.35 support level, it could see a 45% price jump, aiming for $0.56.
This pattern reflects the recent DOGE rally, where Dogecoin spiked by 113.15% between Saturday and Tuesday, reaching $0.43551. Analysts attribute this rally partly to the recent U.S. government change and Elon Musk’s new appointment as head of the Department of Government Efficiency (D.O.G.E.).
Elon Musk’s Role Fuels Dogecoin Community Optimism
Musk, now officially leading the U.S. government’s Department of Government Efficiency alongside entrepreneur Vivek Ramaswamy, aims to reduce government spending significantly.
Related article: Dogecoin Leads Crypto Market Rally with Major Gains; Potential Correction Ahead
The Dogecoin community celebrated Musk’s new role, with co-founder Billy Markus tweeting his confidence in Musk’s ability to enact change, warning that “our whole empire will collapse” if the national debt isn’t addressed. Following the rally, Dogecoin saw a minor pullback, slipping 12% to $0.38194. However, market analysts and the community remain hopeful.
The Bull Flag pattern, coupled with Musk’s new role, continues to drive positive sentiment, as DOGE holders watch for a potential price breakout in the coming days.
