Despite the ongoing price lull, Dogecoin whales have accumulated over 1 billion DOGE in the last 30 days, sparking speculation about a potential price surge.

According to crypto analyst Ali Martinez, this substantial accumulation signifies renewed interest in the meme-based cryptocurrency.

"Whales have bought over 1 billion DOGE in the past month!" Martinez tweeted recently.

Notably, the most significant buying activity occurred on April 15th, with over 800 million DOGE acquired within 48 hours, marking a peak in whale activity for the period.

This level of accumulation is reminiscent of January 19th, when Martinez reported 1.83 billion DOGE being purchased within a similar 48-hour timeframe. The resurgence of such aggressive accumulation suggests a renewed focus on Dogecoin from institutional or high-net-worth investors.

Further supporting the bullish outlook is a noticeable increase in on-chain activity. Martinez observed a rise in active addresses, transaction volume, and overall whale activity, indicators that have historically preceded upward price movements. On-chain data confirms this, with over 127,000 active addresses recorded, demonstrating increased user engagement with the network.

Market sentiment is also bolstered by a surge in futures open interest. Data from Glassnode reveals a 63.9% increase in Dogecoin's futures open interest within a week, rising from $989 million to $1.62 billion, despite a recent price pullback. This divergence between price and derivative activity suggests increasing speculation on an impending rally.

Adding his perspective, crypto analyst Master Kenobi highlighted a 9-year price channel that DOGE has historically followed. Kenobi anticipates Dogecoin reaching at least $1 by early June 2025, with the potential to reach $1.44 or even $2.10, depending on broader market conditions.

"I'm opting for a cautious exit point below the psychological $1 mark," he stated, referring to profit-maximizing strategies.

Similarly, analyst Javon Marks forecasts a minimum 215% price rally based on Dogecoin's historical bull cycles. Marks noted that previous DOGE surges have often coincided with U.S. presidential inaugurations, with some cycles delivering gains of 30X to 80X. With the 2025 inauguration approaching, Marks sees this as a potential catalyst for renewed speculative interest.

In the near term, Bitcoinsensus analysts suggest a bullish breakout is imminent, potentially within the next week. They point to a trendline retest and double bottom pattern, with a near-term target of $0.42 to $0.43.

At the time of this report, DOGE was trading at $0.16, reflecting a 1.18% decrease over the past 24 hours.