Over the past week, the overall cryptocurrency market cap has stabilized around $2.6 trillion, with Bitcoin (BTC) finding support above $67K. Meanwhile, Dogecoin (DOGE) has dipped approximately 4 percent in the last five days, trading at around $0.1595 during Friday's London session.

Despite the emergence of new meme coins, Dogecoin remains a dominant figure in the meme coin landscape, boasting a fully diluted valuation of approximately $23 billion and a daily average traded volume of about $1 billion.

Furthermore, the Dogecoin network has built a strong reputation over the years, offering deep liquidity for seamless trading. Current on-chain data reveals that the Dogecoin network hosts over 7.3 million holders, facilitating over 334 million transactions.

**Dogecoin (DOGE) Whales on a Buying Spree**

According to on-chain data from Santiment, Dogecoin whales have acquired more than 700 million DOGE units, valued at around $112 million, in the past three days alone. Consequently, Dogecoin addresses holding between 100 million and 1 billion units now collectively possess about 30.9 billion DOGE units. Notably, Dogecoin whales have intensified their accumulation pace despite ongoing market volatility.

Earlier this week, on-chain data indicated a significant increase in whale transactions within the Dogecoin network. Specifically, Dogecoin transactions involving coins worth at least $100k surged from $1.54 billion to approximately $3 billion in less than 24 hours. Among these transactions, the Dogecoin volume moved by whale investors surged from 9.74 billion units to nearly 18 billion coins.

**Favoring Fundamentals**

The recent surge in Dogecoin whale transactions has led to a notable increase in overall on-chain activity. Dogecoin whales are reportedly anticipating supportive posts from Elon Musk on the X platform to drive the meme coin to new highs.

As previously noted, Musk has obtained money transmitter licenses from over 20 American states to establish the X platform as an all-encompassing app. Additionally, Musk has already integrated Dogecoin payments with SpaceX, hinting at an imminent integration with the X platform.

**Midterm Targets**

Dogecoin's price trajectory has been upward since its inception nearly a decade ago. The meme coin is currently in the early stages of its third major crypto bull market, following a successful bullish breakout in the first quarter of 2024.

However, DOGE's price against the US dollar has encountered significant resistance around 22 cents, leading to the ongoing market correction. Since mid-April, DOGE price has fluctuated between 14 cents and 17 cents, with no clear indication of breaking out in either direction. In the event that Bitcoin and Ethereum prices continue their bullish trend, Dogecoin's price is likely to follow suit in the coming weeks.