As Dogecoin (DOGE) continues to enjoy a year-to-date increase of 220.9%, the top meme coin is not showing any signs of relenting.
This can be shown by the fact that whales recently took the opportunity created by the recent dip to amass 750 million DOGE.
With Dogecoin continuously mirroring its 2024’s third quarter trend, the eighth-largest cryptocurrency might be eyeing a bullish run in the next one to two months.
Market analyst Cas Abbe acknowledged, “DOGE fractal looks very similar to Q3 2024. A big crash followed by a few weeks of consolidation. After that, DOGE went on a parabolic rally and pumped 300% in just 4-6 weeks. I think this time it won’t be any different.”
Dogecoin’s Open Interest Turns Green
According to Coinglass data, Dogecoin’s open interest has been uptrending after recording an 8.32% increase to hit $2.47 billion.
Therefore, this paints a bullish picture since a surge in open interest depicts the flow of new money into the market, making it a positive sentiment indicator since a trend continuation is expected.
Amid heightened whale accumulation, renowned trading analyst Chandler Bing recently gave an optimistic Dogecoin outlook that the apex meme coin was eyeing a 7x increase based on its previous bull runs relative to Ethereum (ETH) and Bitcoin (BTC).
At the time of writing, Dogecoin’s price was hovering around the $0.25 zone with the meme coin showing heightened efforts of reclaiming the psychological threshold of $0.30.
