TL;DR

Analysts see signs of a major Dogecoin breakout, with one eyeing $0.30 after a successful trendline retest and another forecasting a surge to $1.

Whales have scooped up over one billion DOGE in 30 days, while outflows from exchanges signal growing investor confidence and reduced immediate selling pressure.

DOGE Price Explosion Incoming?

The biggest meme coin has been among the best-performing leading cryptocurrencies in the past month. It currently trades at around $0.22 (per CoinGeckos data), which is a retreat from its local top but still represents a 42% increase for the period. 

DOGE Price, Source: CoinGecko Some industry participants believe the rally has yet to reach new dimensions. The X user Maximalist observed Dogecoins chart to suggest that the price is about to absolutely explode to the upside. The analyst envisioned a pump toward a new all-time high of $1. 

For their part, Crypto General claimed the meme coin has given a big breakout. They suggested that the next uptrend might start once the price retests the trendline of $0.23.

Ali Martinez also chipped in. He presented a somewhat bearish forecast for the short term, assuming that DOGE might head south to $0.213.

Just a few days ago, though, he pointed out three important factors that indicate the price might jump soon. Those include the rise in active addresses, transaction volume, and whale activity. All bullish signals that could support further upside, he said. 

Large investors have been particularly active, accumulating more than one billion DOGE in the span of 30 days. According to Martinezs chart, those holding between 100 million and one billion coins possess almost 26 billion tokens, constituting 17.5% of the assets circulating supply. 

When whales buy large amounts of DOGE, it signals strong confidence, which can attract attention from smaller investors. This increased demand might push the price up, creating positive momentum in the market.

Abandoning Exchanges

Over the past several weeks, daily exchange netflows have been mostly negative, suggesting a potential shift by investors from centralized platforms toward self-custody solutions.

DOGE Exchange Netflow, Source: CoinGlass Although this development cant be labeled as entirely bullish, it reduces immediate selling pressure, which could contribute to a potential rally in the near future.