Dogecoin, the world's biggest meme cryptocurrency, gained a solid footing last week with a remarkable increase of over 25%. On March 31st, its value surged by an additional 7.29% to reach $0.2156, pushing its market capitalization beyond $30 billion. Since the start of 2024, Dogecoin has seen a substantial rise of 134%.

The surge in Dogecoin's value is linked to significant whale activity, according to reports from cryptocurrency analytics firm Santiment. Despite being a meme token, Dogecoin holds the 8th position in the overall cryptocurrency market, largely due to the recent resurgence of inactive whales who have begun trading their DOGE tokens again.

Interestingly, this rise in activity doesn't seem to be driven solely by the usual fear of missing out (FOMO) that often precedes market peaks. This suggests that there might be further room for Dogecoin's rally to continue. Whale wallets holding between 10 to 100 million DOGE have been steadily increasing their holdings since mid-March, as illustrated by a graph shared by analyst Ali Martinez on social media.

This accumulation pattern has resulted in a collective increase of 1.40 billion DOGE among whales, bringing the total to 16.7 billion DOGE. Martinez, in their analysis, highlights Dogecoin's significance amidst the frenzy surrounding new meme tokens in the crypto space, suggesting that it may be in the early stages of a significant bullish trend similar to that observed between 2018 and 2021.

Moreover, data on Dogecoin derivatives indicates that the upward trend could persist. Coinglass data shows that Dogecoin's open interest has surpassed $2.1 billion, with over $7.15 million flowing into Dogecoin in the past 24 hours, resulting in the liquidation of $5.13 million in short positions.

In conclusion, Dogecoin's recent surge is fueled by strong whale activity and market growth, with analysts suggesting that it may be on the brink of a significant bullish trend. Despite the emergence of new meme tokens, Dogecoin continues to maintain its position as a major altcoin in the cryptocurrency market.