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Crypto Analyst Says Dogecoin Price Has Entered Parabolic Surge To $23.36. Here Are The Reasons Why
The Dogecoin price has witnessed an impressive activity surge in the past few weeks, with many crypto participants looking at a continued surge until the end of the year. In a recent analysis shared on X (formerly Twitter), crypto analyst Ali Martinez has projected a significant surge in the Dogecoin price, suggesting it could continue on this run to reach as high as $23.26.
According to Martinez, Dogecoin’s current trajectory mirrors the beginning stages of a parabolic bull run. His optimism is driven by many factors, including significant whale activity, growing retail investor interest, and historical price patterns that point to substantial growth.
Factors Pointing To A Parabolic Surge In The Dogecoin Price
Martinez highlighted the recent surge in Dogecoin purchases by whales, who recently bought around 140 million DOGE tokens within 24 hours, equivalent to $56 million on November 15. Whale accumulation is one of the biggest signals of confidence among large holders in a cryptocurrency’s outlook. As such, an increase in whale activity tends to precede significant price movements.
While whale activity is crucial, Martinez also pointed out that retail investors are only beginning to recognize Dogecoin’s potential. He dismissed claims that the Dogecoin price growth is constrained by its market cap or a “sell the news” mentality, noting that interest in Dogecoin has not yet reached the levels witnessed during the 2021 bull market run. This, according to him, suggests significant untapped demand that shows the Dogecoin price has more room to grow this cycle.
Furthermore, despite a recent 360% price increase, Martinez argued that Dogecoin remains far from overbought territory. He pointed to the MVRV indicator, which has reset to 45.65% after the correction last week. This observation suggests that the cryptocurrency has room for further upward movement without facing immediate selling pressure.
Beyond these factors highlighted by Martinez, the Dogecoin price is on track to continue to increase in light of the recent political appointment of the Dogefather, Elon Musk, in Donald Trump’s Department Of Government Efficiency. Links to the department have already caused a spike in the Dogecoin price, and this is set to keep increasing after the new administration eventually comes into power.
DOGE Price Targets
Pivoting to technical analysis, Martinez revealed a Dogecoin price prediction range based on Dogecoin’s historical patterns and Fibonacci retracement levels. He identified key price targets at $2.40 and $18. He also cited Fibonacci extension levels of 1.618 and 2.272 from the 2022 bear market low of $0.049, which correspond to $3.95 and $23.36, respectively. These targets are grounded in similar behavior of the Dogecoin price during its bull runs in 2017 and 2021.
He cautioned, however, that achieving such levels would not be without challenges. Dogecoin’s previous parabolic runs in 2017 and 2021 were highlighted by multiple corrections, with pullbacks ranging from 40% to 84%.
Featured image created with Dall.E, chart from Tradingview.com
Dogecoin whale’s bullish trade continues on Monday, nabbing substantial attention from crypto investors. Notably, as nearly 80 million DOGE was accumulated by a whale, market sentiments of a looming price rally for the token have surfaced globally. Moreover, a top crypto analyst has further revealed a $15 price target for the dog-themed meme token, the accumulation has gained additional traction.
Dogecoin Whale Bags 80M Tokens Igniting Optimism
According to the latest data by Whale Alert, a Dogecoin whale purchased 78.57M coins from Binance. As per the data, the address D5nuZhL.. made the purchase worth $29.86 million.
Primarily, the accumulation right ahead of Donald Trump’s inauguration ceremony underscores market sentiments of bolstered prices ahead, attributable to the pro-crypto Republican’s win. Further, it’s also worth mentioning that Dogecoin-backer and American billionaire Elon Musk is set to begin his D.O.G.E. role under Trump’s presidency.
Overall, the whale’s accumulation in light of these events has supported investor sentiments of price gains ahead. It’s also noteworthy that CoinGape previously reported DOGE whale activity is rising, adding to optimism surrounding future movements.
DOGE Price Shot Up 20% In a Week
At the time of reporting, DOGE price illustrated a highly turbulent action, ultimately soaring by 2% to $0.3772. The coin’s intraday low and high were $0.3472 and $0.3983, respectively.
Further, the weekly chart for the asset showcased gains worth 20%. Altogether, the broader rising movement, supported by whale buying, has solidified investors’ bullishness on future movements. The top meme coin is expected to hit a new all-time high soon.
Analyst Points Out $15 Price Target Ahead
Simultaneously, renowned crypto market analyst Ali Martinez has recently predicted a $15 target price for Dogecoin, sparking market discussions as the even whale data aligned with bullish projections. Ali revealed that DOGE appears to trade inside a multi-year ascending parallel channel that indicates a bullish price target of $15.
As a result, traders and investors are eagerly awaiting phenomenal gains in one of the leading dog-themed meme coins in terms of market cap, with bullish sentiments further supported by rising Dogecoin whale accumulations.
While everyone focuses on $TRUMP, whales bought 1.83 billion #Dogecoin $DOGE in the last 48 hours! pic.twitter.com/ozznJzflg2
— Ali (@ali_charts) January 19, 2025
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Official Trump meme coin has bounced back strongly after forming a bottom at $32 with the TRUMP price up 20% at press time moving past $41. This surge comes amid developments of fresh TRUMP ETF filings with the US SEC on Tuesday. Interestingly, Donald Trump has commented on his meme coin frenzy, which led to strong volatility for the Solana meme coin.
TRUMP Price Breakout Sets $54 Target
Crypto analyst Ali Martinez reported that TRUMP token has successfully broken out of a falling wedge pattern, a bullish technical indicator. According to Martinez, the token’s breakout positions it for a potential surge, with a TRUMP price target of $54.
According to Coinglass data, the TRUMP futures open interest is up 14%, shooting past $1.0 billion, indicating bullish sentiment among traders. Also, the 24-hour liquidations have shot to $24 million, of which $14 million is in short liquidations.
Additionally, blockchain analytics firm Santiment reported that TRUMP is still the top trending crypto coin discussed among investors, following its contentious listing on Coinbase. In addition to its market activity, TRUMP has drawn significant attention due to its airdrop events. A recent airdrop distributed $1 million worth of TRUMP tokens, fueling heightened interest and engagement from the crypto community.
TRUMP Price Surge Amid ETF Filings
Another reason behind the TRUMP price surge today is the recent ETF filings for the newly launched meme coin. On Tuesday, REX Financial and Osprey Funds submitted their filings to the U.S. Securities and Exchange Commission (SEC) for a potential TRUMP ETF.
Interestingly, this filing comes just three days after the launch of the Official Trump (TRUMP) meme coin. It also outlines REX-Osprey’s plans to introduce a range of crypto-focused funds. In addition to TRUMP ETF, Rex also submitted ETF filings for other meme coins like Dogecoin and BONK.
Donald Trump Comments Stir Volatility
When asked about the TRUMP meme coin launch during yesterday’s press briefing to reports, the President said: “I don’t know much about it other than I launched it. I heard it was very successful. I haven’t checked.”
During a press briefing, a reporter noted that the TRUMP price surge generated several billion dollars in the past few days. In response, the president quipped, “Several billion? That’s peanuts for these guys,” gesturing toward SoftBank’s Masayoshi Son, OpenAI’s Sam Altman, and Oracle’s Larry Ellison, who were present in the room.
Meanwhile, Donald Trump’s comments instantly triggered sharp volatility in the meme coin. Soon after the US President made his comments at 6:00 PM ET, three minutes later, the TRUMP coin experienced a sharp 33% drop in value.
Buy-The-Dip Strategy Fuels Discussions
Notably, a wallet seized the opportunity, purchasing $5.09 million worth of the token at the exact bottom of the dip. This transaction marks one of the largest single purchases since the coin’s launch, reported The Kobeissi Letter.
The market quickly rebounded, and within 14 minutes, the trader’s investment had already gained $2.4 million in value. The timing of the purchase has raised doubts about whether it’s an insider job.
As Donald Trump takes charge at the White House, Wall Street heavyweights anticipate that Trump’s crypto policies will simplify investment pathways, creating opportunities for major players like JPMorgan and BlackRock Inc.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The crypto prices today have shown remarkable strength, mainly embarking on upward trajectories. Bitcoin (BTC) price crossed the $105K level amid renewed market interest post-Donald Trump’s inauguration, whilst Ethereum (ETH), XRP, and Solana (SOL) have traded dominantly in the green. Further, the meme coin sector has stolen the spotlight as DOGE, SHIB, and other top meme tokens reversed their previous price dips. Also, TRUMP and AI16Z tokens have led the pack, surging 20-30%.
Simultaneously, the global crypto market cap witnessed a 3% uptick in value, reaching $3.64 trillion. However, the total market trading volume from yesterday fell 36% to $202.11 billion.
So, let’s take a closer look at some of the top cryptocurrencies and how they are delivering in the market today.
Crypto Prices Today: Market Gains Traction After Donald Trump’s Inauguration
The broader crypto market has shown a bullish movement two days after Donald Trump took office on Monday. BTC price gained nearly 3%, whereas ETH, SOL, and XRP pumped 2%-8% subsequently. Also, meme coins such as DOGE, SHIB, and PEPE witnessed gains worth 4%-8% intraday. Here’s a brief overview of some of the top crypto prices today, January 22.
Bitcoin Price Near $106K Amid Bullish Crypto Market
At the time of reporting, BTC price indicated gains worth 3% in the past 24 hours and is currently trading at $105,750. The flagship crypto’s 24-hour low and high were $101,002.39 and $107,180.92, respectively. Notably, as per top crypto analyst Ali Martinez, Bitcoin whales have purchased 22,000 BTC amid the token’s recent waning movement in the past 72 hours. The massive buying, worth $2.24 billion worth of coins, has further projected bullishness on future price movements.
SosoValue data indicated that Bitcoin ETFs registered $140.64 million worth of inflows as of January 21, excluding BlackRock data. This inflow has added to market optimism surrounding the flagship digital asset. However, it’s also worth mentioning that Bitcoin’s dominance slipped 0.19% over the past day, reaching 57.52%.
Ethereum Price Soars 2%
ETH price witnessed a gain of slightly over 2% in the past 24 hours and is currently sitting at $3,333. The coin’s intraday low and high were $3,210.82 and $3,365.78, respectively. According to cryptocurrency market enthusiast “Crypto Caesar,” ETH is ready for an explosion, which has sparked noteworthy optimism surrounding the coin’s future movements.
Also, U.S. spot Ethereum ETFs witnessed $18.11 million in inflows as of yesterday, excluding BlackRock data. Overall, the current market dynamics remain bullish for the second-largest crypto by market cap.
XRP Price Holds $3
XRP price has maintained a hold above the $3 mark, soaring over 2% intraday to reach $3.17. The coin’s 24-hour low and high were registered as $3.02 and $3.23, respectively. Notably, the crypto continues to reflect a highly bullish sentiment, as also asserted by a recent XRP price analysis via CoinGape. The coin’s stats indicate that short-term volatility may be experienced, although the chances of hitting the $4.4 mark prevail.
Solana Price Shoots Up 7%
Simultaneously, SOL price has surged 7% in the past 24 hours and is currently trading at $254. Its intraday low and high were $231.68 and $259.83, respectively. Notably, Solana continues to see rising popularity amid President-elect Donald Trump’s TRUMP token launch on the network.
Meme Crypto Prices Today
On the other hand, meme coins have nabbed quite the investor attention, embarking upon significant bullish movements. DOGE price witnessed gains worth over 8% in the past 24 hours and is currently trading at $0.3727. SHIB price surged over 4% to reach $0.00002078. Even PEPE price soared over 5% to trade at $0.00001601.
Meanwhile, the recent talk of the crypto space, TRUMP token, shot up by 21% to reach $41.02. Intriguingly, AI16Z has further emerged among the top crypto market gainers for the day.
Top Crypto Gainers Prices Today
AI16Z
Price: $1.15
24-hour Gains: +30%
Sonic (prev. FTM)
Price: $0.6024
24-hour Gains: +20.5%
Hyperliquid (HYPE)
Price: $23.93
24-hour Gains: +14%
VeChain (VET)
Price: $0.05119
24-hour Gains: +14%
Top Crypto Losers Prices Today
Fartcoin (FARTCOIN)
Price: $1.60
24-hour Loss: -7%
Jupiter (JUP)
Price: $0.8671
24-hour Loss: -4%
Pudgy Penguins (PENGU)
Price: $0.02346
24-hour Loss: -3%
AIOZ Network (AIOZ)
Price: $0.8478
24-hour Loss: -$0.8478
Overall, the market’s gradual recovery after Donald Trump’s presidential inauguration has sparked hope among traders and investors globally. Further, with Donald Trump pardoning Silk Road‘s Ross Ulbricht, market participants have rejoiced as the 47th president is keeping promises made previously. Notably, with Ross’ arrest earlier, 173,991 Bitcoins were seized by the Federal Government, worth $33.6 Million then and $18.3 Billion today. Given that the U.S. government further decides to move this massive amount, the market could see a significant impact ahead.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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