Dogecoin (DOGE-USD) has had a turbulent week, with long traders seeing liquidations hit a staggering $11 million in the last 24 hours, according to CoinGlass. Long positions accounted for $9.9 million of that figure, highlighting significant losses as the memecoin struggled to hold steady. Despite this, some analysts believe DOGE might be gearing up for another parabolic rally.
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Analyst Predicts Historic Dogecoin Rally
Crypto strategist Ali Martinez told his 103,200 followers on X that Dogecoin’s recent performance mirrors its past cycles from 2017 and 2021, where sharp corrections preceded meteoric rises. “In 2024, DOGE is up 440% and has retraced by 46%. If history repeats, another parabolic rally is on the way,” Martinez explained. If his prediction holds, DOGE could surge past $1, fueled by bullish signals on the Tom DeMark (TD) Sequential Indicator.
Elon Musk Sparks Excitement with Holiday Post
On Christmas Day, Tesla CEO and long-time Dogecoin supporter Elon Musk lit up social media with a playful X post referencing the Baha Men’s hit song “Who Let the Dogs Out?” Musk shared a festive photo of his dogs Gatsby, Marvin, and Floki dressed in holiday outfits, captioned, “Who let the DOGE out?” The lighthearted post quickly caught the attention of Dogecoin fans, injecting some optimism amid market turbulence.
Whales Bet Big on Dogecoin
Meanwhile, whales have been quietly accumulating DOGE, with recent purchases totaling 270 million tokens worth $89.64 million, according to U.Today. These acquisitions suggest confidence in a potential rebound as DOGE consolidates around $0.32.
At the time of writing, Dogecoin is sitting at $0.3220.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
