Dogecoin (CRYPTO: DOGE) price has seen some interesting activity this week as major investors, often called "whales," have been steadily accumulating large amounts of the meme coin. Over the last two weeks, these whales have purchased 200 million DOGE tokens, according to market analyst Ali Martinez.

Here's a look at what's happening with Dogecoin and what one analyst is saying.

What Happened: During a period of market turbulence, Martinez said that these whales have been busy acquiring Dogecoin.

"Amidst the market turmoil, Dogecoin has seen persistent buying pressure from major investors, also known as 'whales,' accumulating a substantial amount of the meme coin. Over the past two weeks, whales have been purchasing Dogecoin, adding up to 200 million tokens to their holdings."

These transactions come as Dogecoin saw its value bounce from $0.15 to $0.19 between March 11 and March 25. The move over the last two weeks is up nearly 25%.

Martinez said that the large transactions come as several institutions and investors are showing interest in cryptocurrencies once again.

"The actions of these major investors, capable of shifting market dynamics with their trades, might indicate a deeper interest in Dogecoin. As the token continues to gain traction, many eyes are turning to follow whether this buying pattern will propel Dogecoin to new highs."

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Why It's Important: The new data comes as several analysts have been bullish on Dogecoin in recent months.

With the meme coin down over 90% from its all-time high of $0.73 hit in October 2021, one analyst says a move to $1 could be possible in 2024.

Dogecoin has also been a favorite coin of billionaire Elon Musk, who has spoken frequently about the cryptocurrency.

"I like Dogecoin, it's my favorite cryptocurrency. It's a scam, but it feels like it might work. And I like the people. I don't like Bitcoin. It's not my favorite cryptocurrency. I don't like the energy and I don't like the people. But I like Dogecoin and the meme coin culture that it represents."

Musk said in April 2021.

Dogecoin is currently trading at $0.18.