Quietly amidst the broader market uncertainty, Dogecoin appears to be gearing up for an explosive breakout.
Prominent crypto analyst Ali Martinez reveals that whales have purchased 1 billion DOGE, worth nearly $200 million, in a span of just 24 hours.
The strong whale demand has pushed the Dogecoin price back above the $0.20 resistance. A weekly close above the $0.23 resistance could trigger a massive rally.
Meanwhile, smart money investors are also investing in DOGE beta coins. For instance, the MaxiDoge coin has raised nearly $400k in its ICO in just the first few days. Prominent experts are already taking notice, with many calling it the next 100x crypto.
There is a strong consensus among experts that Dogecoin is currently one of the most undervalued large-cap crypto assets on the market.
This isn’t surprising. DOGE tends to be a late mover in bull markets. The meme coin market leader did break out late in July, trading as high as $0.28, but failed to overcome the broader market bearishness due to the worsening macroeconomic outlook.
Unsurprisingly, whales aren’t missing out on another opportunity to buy DOGE at the $0.20 price point, especially considering it could rally to $1 this bull cycle.
Notably, analysts believe that the crypto market bull rally isn’t over yet. Bitcoin is expected to rally to $150,000, Ethereum $10,000 and XRP $10. As a result, Dogecoin to $1 isn’t just a meme anymore.
Crucially, Bloomberg analysts reveal that the spot Dogecoin ETF has a high likelihood of approval.
Unlike Ethereum, which is viewed by mainstream investors as an inferior version of Bitcoin, Dogecoin has a strong brand presence, especially among the online community. As a result, the spot DOGE ETFs could be much more of a price catalyst for Dogecoin than its Ethereum counterparts are for ETH.
The Dogecoin price has reclaimed the $0.20 support level. The bulls are now targeting a weekly close above the key $0.24 resistance, which would trigger an explosive rally. Crucially, it has also reclaimed its 100-day Simple Moving Average.
Considering that whales have heavily invested 1 billion DOGE in just the past 24 hours, spot buyers can buy Dogecoin without much thought.
However, those looking to open leveraged long positions in Dogecoin should wait for a reclaim of the $0.23 S/R level. They could also wait for a golden cross in the meme coin’s Moving Average Convergence/Divergence (MACD 12, 26) indicator.
The DOGE MACD formed a bearish death cross last week but now appears poised to undo the move, which would be an extremely bullish signal.
Smart money investors are investing in DOGE beta coins, and for good reason. When the Dogecoin price rallies, it pulls all DOGE-themed meme coins with it. Considering they have smaller valuations, sometimes they end up offering much higher returns.
Take, for instance, MaxiDoge (MAXI). It has raised nearly $400k in its viral ICO in just the first few days.
MaxiDoge is the wilder, more evolved cousin of the original DOGE, a tongue-in-cheek portrayal of the online crypto degen culture.
From its shredded mascot to the never-ending supply of energy drinks and obsession with 1000× trades, the project taps into the chaotic energy of meme coin traders. It’s designed to be relatable, ridiculous, and above all, entertaining.
And as many market analysts have pointed out, meme coins that make people laugh often end up delivering the biggest surprises on the charts.
Beyond the cover, its community-centric tokenomics, attractive staking rewards and audited smart contracts make MaxiDoge a fundamentally sound low-cap meme coin.
Unsurprisingly, experts are bullish on MAXI’s upside potential, with many calling it the next 100x crypto.
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