Zinger Key Points
- Dogecoin’s 22% drop over the past week has triggered large whale accumulation, signalling renewed bullish sentiment.
- Traders compare the current price structure to mid-2017, when DOGE rebounded after a similar volatility phase.
Despite a 21.6% decline over the past seven days, Dogecoin DOGE/USD whales and traders remain bullish, expecting a strong recovery.
What Happened: Crypto trader Master Kenobi compared Dogecoin's current price action to 2017 rather than 2021, suggesting a similar pattern is unfolding.
If this historical trend continues, DOGE could see a major peak by April 2025.
Another trader, Tardigrade, echoed this sentiment, stating that Dogecoin has likely already hit a local bottom and could be on track for new all-time highs.
DOGE commenced trading in early 2017 with three zeros in its price and managed to erase one zero by June 2017, marking its first bull run.
Benzinga technical analysis indicates that Dogecoin's Relative Strength Index (RSI) stands at 19, implying that DOGE is oversold and could be primed for a near-term rebound.
The simple moving average (SMA) chart suggests DOGE is at a crossover point, hinting at a potential trend reversal.
Also Read: EXCLUSIVE: Dogecoin ETF Justified, More Meme Coins ETFs Possible, Bitwise CIO Says
Why It Matters: Crypto chart analyst Ali Martinez revealed that whales took advantage of Dogecoin's recent dip, accumulating 750 million DOGE, a move that signals strong confidence in the market.
Meanwhile, Coinglass data shows a 38% drop in Dogecoin's derivatives trading volume in a single day, while open interest fell by 2%.
In the past 24 hours, total DOGE liquidations reached $6.4 million, with $5 million in long liquidations.
Adding to the bullish case, Grayscale recently launched a new trust to offer institutional investors exposure to Dogecoin, highlighting its low-cost, high-speed transaction advantages.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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