- Renewed accumulation by large DOGE holders signals optimism for a potential $10 target.
- Miner sell-offs remain a key risk to DOGE’s bullish trajectory, requiring close monitoring.
Dogecoin (DOGE), a pioneer in the memecoin space, has been consolidating after its explosive November rally. Analysts like Trader Tardigrade and Ali Martinez predict DOGE could surge to $10, reflecting a 23x price increase if historical trends persist.
As highlighted in a recent tweet by Trader Tardigrade, Dogecoin is expected to repeat its historical pattern, leading to massive growth.
#Dogecoin repeats the pattern
Imagine filling in the missing part.$Doge is gonna be BIG pic.twitter.com/AUn5VImZu5— Trader Tardigrade (@TATrader_Alan) December 3, 2024
Additionally, Martinez based his prediction on a long-term ascending channel pattern, noting that DOGE historically peaks at the channel’s upper boundary during bull cycles.
Whales and Miners Hold Key Signals
Whales are showing renewed interest, with wallets holding 100 million to 1 billion DOGE increasing their accumulation after a brief selling phase in late November. Similarly, wallets holding 10 million to 100 million DOGE have consistently added to their positions, signaling strong confidence in future gains.
However, DOGE miners, who currently hold 1.22 billion DOGE valued at $5.4 billion, remain a potential risk. Historical sell-offs by miners have coincided with market tops, making their activity a critical factor to monitor.
Will Dogecoin Hit $10?
As DOGE’s price consolidates, analysts caution that any repeat of sharp miner sell-offs could trigger a correction, urging holders to consider profit-taking. Despite this, whale accumulation and bullish projections maintain optimism, making DOGE’s journey to $10 a possibility worth tracking.
Currently, Dogecoin (DOGE) is trading at $0.4387, reflecting a 5.38% increase in the past day and an 8.19% gain over the past week.
