Big Dogecoin holders have acquired 1.4 billion DOGE in the last two weeks, pushing the total value of the cryptocurrency to over $2 billion during a recent surge.

The world's most famous meme coin Dogecoin (DOGE) has been performing strongly, gaining over 25% in the past week. On a recent Sunday, the price of Dogecoin climbed by 7.29% to $0.2156, with its market value soaring above $30 billion. Since the beginning of the year, Dogecoin has already seen a 134% increase.

Increase in Whale Activity in Dogecoin

Data from Santiment, an on-chain data provider, suggests that the recent strong performance of Dogecoin is linked to increased activity among large holders, or "whales."

Despite being the top meme coin by market value and holding the 8th position overall in the cryptocurrency market, Dogecoin's recent rise is due to significant previously inactive whales slowly re-entering the market. This surge doesn't seem to be driven by the usual fear of missing out (FOMO) sentiment that often signals market tops, leading experts to believe that there may still be room for growth in this rally.

Preparing for a Big Dogecoin Price Spike

In an analysis shared by crypto analyst Ali Martinez, Dogecoin is highlighted as an important player in the midst of the excitement over new meme coins in the crypto world. Martinez points out that, despite competition from other tokens, Dogecoin remains a significant alternative coin.

From a technical perspective, Martinez suggests that Dogecoin's current trajectory resembles a pattern observed between 2018 and 2021. According to Martinez, if this pattern holds true, Dogecoin may be on the cusp of a major bull run.

Additionally, data from Coinglass shows that Dogecoin open interest has surged past $2.1 billion, indicating potential for further upside in the market. Over the last 24 hours, more than $7.15 million in Dogecoin has been liquidated, with short positions accounting for $5.13 million of that amount.