Dogecoin (DOGE) has recently seen a significant influx of investment from whales, with a staggering $110 million poured into the meme coin over the past 72 hours. This surge in interest signals a renewed focus on DOGE, which has been lagging behind other meme coins in recent gains.

Crypto analyst Ali Martinez highlighted this trend on social media, revealing that DOGE whales have purchased over 700 million DOGE, worth approximately $112 million. This trend aligns with a broader shift among traders towards high-beta meme tokens like Shiba Inu (SHIB) and Pepe (PEPE).

According to Singapore-based crypto-trading firm QCP Capital, traders are shifting their focus to legacy meme coins, which have seen double-digit gains and are polling in the top 10 for open interest. This shift in focus has added to the optimism surrounding DOGE, with crypto expert Michael van de Poppe projecting a massive breakout in the future, potentially resulting in a price surge of approximately 566% to reach the coveted $1 mark.

Market Sentiment and Price Movements

Dogecoin, initially popular and triggering a significant bullish wave, has seen trader activity fade over time, reducing the token’s volatility. However, recent activity suggests a significant price turn could be on the horizon. Dogecoin has remained below $0.18 for over a month, and a strong rebound from current levels might trigger a fresh rally.

At the time of writing, Dogecoin is trading at $0.1576, reflecting a 1.09% decrease on the daily chart but an 18% increase on the monthly chart. Historical price action suggests Dogecoin is slowly yet steadily heading towards its highs.

Bullish and Bearish Indicators

Despite a brief downturn where bullish momentum failed to breach the 24-hour high of $0.1613, DOGE found support after dipping to $0.1549. This slight recovery saw DOGE’s market capitalization hit $22.79 billion, although the 24-hour trading volume dropped by 34% to $536.24 million.

However, bearish risks remain. DOGE’s open interest (OI) has declined by 0.34% to $929.80 million, and derivatives volume has dropped by 39.89% to $1.08 billion. These indicators reflect underlying bearish sentiment but do not overshadow the substantial whale activity, which suggests a positive outlook for Dogecoin.

Therefore, while Dogecoin is striving to maintain a bullish trend, investors should remain cautious of the bearish indicators. A fresh upswing may begin if bulls display strength at these levels, potentially driving a significant rally for the meme coin.