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Dogecoin was one of the top performers in the first few weeks after the US elections but has lost its momentum and is a modest 10% up in the past seven days.
However, whales continue to accumulate the meme coin, which could lead to further gains in the near future.Donald Trump’s victory in the US presidential elections in early November resulted in immediate price gains for several crypto assets, including the largest meme coin. This is most likely because of Elon Musk’s role in the future administration, where he is expected to run a new Department of Government Efficiency branch.
Nevertheless, Dogecoin whales seem unfazed by the lack of price action as of late. Data from Santiment, shared by popular analyst Ali, indicates that these large investment entities have accumulated another 160 million DOGE during the weekend alone.Many analysts continue to be bullish on DOGE, with some predicting a new all-time high around the corner. One of the recent forecasts from dogegodthe asset skyrocketing to $2.
Javon_Marks had a similar target in mind. The strategist said Dogecoin is “in the midst of its 3rd Bull Cycle performance,” which could propel a massive surge of over 400%. In case such a rally transpires, it would place DOGE’s price at around $2.28. looks to be in midst of its 3rd Bull Cycle performance and based on prior cyclical displays in price, according to Fibonacci Extension, prices can be poised for a move to and above the 1.
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