Today, I observed a notable rise in Dogecoin (DOGE) prices, thanks to increased activity among major holders, or "whales." As the broader crypto market undergoes a mild recovery, DOGE has outperformed, climbing over 4% to reach an intraday high of $0.1267 on June 19. This uptick in DOGE prices stands out against the general market rise of about 1.85% during the same period.

This recent surge is part of a broader trend in the memecoin sector, which has seen a general upswing. CoinMarketCap data shows that the total market capitalization of memecoins has jumped by 5.43% to $47.8 billion in the last 24 hours, though daily trading volume has dropped by 13% to $5.1 billion. This suggests investors are holding onto their assets rather than selling at lower prices.

Other memecoins have also rallied, with Shiba Inu (SHIB) up 3.9% and Pepe (PEPE) soaring 10.5%. Brett (BRETT), built on the layer 2 Base network, saw the largest increase among top memecoins, adding 22.21% to its market value. Floki (FLOKI), Bonk (BONK), and Book of Meme (MEME) were also among the top gainers.

Trading activity has surged, with Coinglass data indicating that DOGE's spot trading volume increased by 45% over the last four hours, reaching $0.83 billion. A detailed heatmap shows that 25% of this volume occurred on Binance, highlighting renewed interest and activity around Dogecoin.

Crypto analysts are turning bullish on DOGE. YouTube analyst CryptoJack pointed out that buyer congestion around the $0.120 support zone halted DOGE's recent sell-off. He emphasized the importance of DOGE closing above $0.13 to maintain its bullish momentum and break out of a triangle formation. Another analyst, Jake Wujastyk, noted DOGE's price retesting a key support level around $0.120, suggesting potential for further upward movement.

Market intelligence firm Santiment's analysis found DOGE to be "very bullish" based on its 30-day market value realized value (MVRV) ratio, which is currently very low at -16.7%. This indicates a strong likelihood of a short-term price increase.

Whale activity has significantly contributed to DOGE’s rally. After a recent marketwide correction, DOGE fell to $0.1138, but an increase in whale transactions signals renewed confidence among large investors. According to IntoTheBlock, the number of DOGE transactions worth between $100,000 and $1 million has risen by about 35% over the past three days, with transactions larger than $1 million up more than 600% in the last 14 days.

This increase in whale activity underscores the confidence large investors have in Dogecoin, aligning with the memecoin's market cap growth and current price movements.