Crypto analyst Ali Martinez has revealed that Dogecoin whales have been busy accumulating a significant amount of DOGE this past week.

As the crypto market continues to be in a downtrend, these whales have bought over 120 million DOGE. This presents a bullish outlook for the meme coin’s price, which is currently eyeing a rally to $4.5.

In an X post, Martinez noted that members of the renowned meme coin community, , have been diligently scooping up vast quantities of Dogecoin.

Chart showing Dogecoin (DOGE) on the 4-hour chart with analysis by crypto analyst Trader Tardigrade.

Over the past seven days, these whales have bought a total of 120 million DOGE, a portion of which was sold by smaller investors. However, even after these sell-offs, these whales have continued to increase their holdings.

These developments come as crypto analyst Trader Tardigrade noted that DOGE’s 20 Simple Moving Average (SMA) highlights various phases in DOGE’s history. His accompanying chart showed that the top meme coin is just about to enter its parabolic phase in this bull run and could rally to as high as $4.5 when that happens.

Crypto analyst Crypto Elites also asserted that a Dogecoin price rally to $5 is coming soon.

These price predictions indicate that the foremost meme coin could still surpass its current all-time high (ATH) of $0.73.

Another crypto analyst, DOGECAPITAL, recently provided an ultra-bullish outlook for Dogecoin, predicting that the meme coin could rally to as high as $80. The analyst alluded to historical trends as to why DOGE could reach such an ambitious price target.

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