TL;DR

Some analysts suggest Dogecoin could rally toward $0.50 or $1 if historical patterns repeat. The biggest bulls even see potential for a price explosion above $2. Whales scooped up over 200 million DOGE (worth $41M) in the last two weeks, hinting at strong conviction and a possible supply shock that could push the valuation higher.

DOGEs Next Potential Targets

The cryptocurrency market has entered green territory again in the past 24 hours, and Dogecoin (DOGE) is among the top performers. The price of the OG meme coin surpassed $0.20, the highest level witnessed in the last three weeks. Additionally, DOGE solidified its position as the eighth-biggest cryptocurrency after its market capitalization pumped above $30 billion.

DOGE Price, Source: CoinGecko Multiple analysts highlighted the surge, predicting this might indicate the start of a major bull run. The X user Henry reminded that the last time DOGE registered such a revival was in September 2024, which was later followed by a jump above $0.40. They believe the price can skyrocket to $0.50 or even $1 if history repeats itself. 

Another market observer, using the X moniker CryptoELlTES, was even more bullish, expecting a ten-fold price increase to a new all-time high beyond $2.

The renowned analyst Rekt Capital chipped in, too. They told their over 500,000 followers on X that if DOGE reclaims a weekly close above $0.22, then the price action below that mark in the past few weeks will have been a downside deviation as part of a very volatile retest of March highs.

Whales on the Move

The latest actions of the large investors, known as whales, signal that Dogecoin might be poised for further gains in the short term. The popular analyst Ali Martinez estimated that such industry participants have bought more than 200 million DOGE tokens in the last two weeks. The stash equals over $41 million (calculated at current rates).

Martinez claimed that these efforts show strong confidence despite recent volatility. Large purchases of that type may encourage smaller players to follow suit and distribute fresh capital into the meme coins ecosystem.

In addition, this could lead to a supply shock. The reduction in circulating supply creates scarcity, which, combined with non-declining demand, should result in a price rally (at least thats what fundamental principles of economics dictate).