Large Dogecoin (CRYPTO: DOGE) holders have ramped up their activity in recent weeks, triggering fresh speculation about a potential price surge. On-chain data has revealed that wallets holding DOGE have collectively added more than 100 million tokens.

According to data shared on Monday by Bitcoinsensus, Dogecoin may now be entering a third wave of upward momentum. If this momentum continues, DOGE could rise by as much as 740%. The projected price target stands at $1.10, suggesting substantial potential growth ahead.

Dogecoin Price Projections:

According to data shared by Bitcoinsensus, if the current momentum continues, Dogecoin (CRYPTO: DOGE) may now be entering a third wave of upward movement, potentially aiming for a 740% price increase.

This would bring the projected price target to $1.10 per DOGE.

Dogecoin Price Action: DOGE was trading at $0.1816 at press time.

What Happened: According to on-chain data shared by Ali on X, (formerly Twitter) mid-tier Dogecoin holders have been actively accumulating the meme coin.

Over the past week, these wallets, which typically hold between 100,000 and one million DOGE, have collectively bought more than 100 million tokens.

This signals growing confidence among seasoned investors in the future performance of DOGE.

The timing of their activity, especially in the absence of significant retail interest, suggests that larger wallets are preparing for a future rally.

According to data from CoinGecko, Dogecoin's trading volume in the past 24 hours is $1,016,373, showing a slight decrease of 1.72%.

However, its market cap has risen significantly by 5.33% to reach $26.96 billion in the same period.

Dogecoin Price Movement: According to Benzinga's analysis, technical indicators suggest that Dogecoin could be gearing up for more gains.

The Relative Strength Index (RSI) at 58.23 indicates growing bullish momentum but is still below the overbought level of 70, which could indicate potential for further upside.

The Moving Average Convergence Divergence (MACD) also supports bullish sentiment with the MACD Line above the Signal Line and increasing Histogram bars.

Overall, technical indicators point toward strengthening upward momentum, but traders should keep an eye on the 200-Simple Moving Average (SMA) for possible resistance and on volume sustainability to maintain the current trend.