Crypto trader and analyst Ali Martinez, also known as Ali Charts on X, has predicted a substantial price hike for Dogecoin (DOGE), the leading memecoin. Martinez believes DOGE could see a 200% increase, mirroring its performance from February. This optimistic prediction comes despite the current bearish market sentiment surrounding Dogecoin.

Investors Are Rapidly Buying Dogecoin

At the start of March, Dogecoin's price rose to $0.18, spurred by Bitcoin's own increase following the U.S. Securities and Exchange Commission (SEC) approving spot Bitcoin exchange-traded funds (ETFs) just over a month earlier. Martinez noted that significant Dogecoin investors, or whales, have been making considerable purchases of DOGE. This activity has led to heightened expectations for a price increase. Recent reports show that Dogecoin whales have acquired over 700 million DOGE, worth about $112 million, in just three days. This accumulation suggests growing confidence and potential for a price surge.

1.5 Billion DOGE Traded in Only Two Days

Furthermore, Whale Alert, a service that monitors large blockchain transactions, has recorded significant Dogecoin movements. In the past two days, approximately 1.5 billion DOGE were transferred anonymously. Major transfers included 420.69 million DOGE, 970 million DOGE, and 499.42 million DOGE between unknown wallets. Additionally, 90 million DOGE were moved from the leading crypto exchange Robinhood to an anonymous wallet. These transactions total $251.41 million, with a cumulative transfer of 1.579 billion DOGE.

Currently, Dogecoin is trading at $0.15887, after experiencing a 4.25% drop overnight, followed by a 2.89% recovery. The significant whale activity combined with Martinez’s analysis indicates that another major price increase for Dogecoin may be imminent.

In conclusion, the recent substantial accumulation of Dogecoin by major investors and the high volume of transactions suggest a positive outlook for the memecoin. Martinez’s prediction of a significant price surge reflects growing optimism among investors, potentially setting the stage for another notable rise in Dogecoin's value.