The Dogecoin network has seen a big surge in activity following the inauguration of US President Donald Trump. Although this surge in activity cuts across all the industry, on-chain data has revealed interesting dynamics amongst Dogecoin holders. These developments were brought into focus by crypto analyst Ali Martinez, who, using data from the analytics platform Santiment, highlighted a remarkable surge in high-value transactions on the Dogecoin network. In line with Martinez, Dogecoin recorded a powerful 588 transactions exceeding $1 million inside the last 24 hours.

Dogecoin Renewed Interest From Million-Dollar Transactions

The recent surge in large-scale Dogecoin transactions suggests the possibility of a big upswing, as this activity typically indicates a liquidity bottom that initiates upward momentum. Historically, an increase in high-value transactions is related to renewed investor confidence, especially when market sentiment shifts toward bullish trends.

In Dogecoin’s case, the transactions in query are usually not just sizable but exceptionally significant, with each exceeding $1 million. What makes this surge much more compelling is the timing, because it coincides with the bullish sentiment surrounding Donald Trump’s inauguration. Due to this fact, the present increase in transactions appears more indicative of accumulation slightly than sell-offs or profit-taking.

The complete crypto market is currently in a bullish phase, with smart money entering early in anticipation of a pro-crypto environment under the brand new Donald Trump administration. This further lends credibility to the concept that these transactions might be more of accumulations than selloffs. Even when a few of the activity includes sell-offs, the prevailing bullish sentiment suggests that such events could also be temporary, quickly absorbed by the market’s positive momentum.

Dogecoin is gaining momentum on social media, garnering over 500,000 mentions on platform X inside the last 24 hours. That is attributable to the newly created Department of Government Efficiency, sharing the identical acronym as Dogecoin’s ticker (DOGE), which has contributed to significant enthusiasm. Heightened visibility on social media often translates into increased retail participation, which could create a combined effect with whale activity to drive the worth higher.

DOGE Price Evaluation: A Recent Multi-Yr Bullish Pattern 

In one other technical evaluation, Martinez noted that DOGE is trading inside a multi-year ascending parallel channel on the weekly candlestick timeframe. The continuing bull market gained momentum after Dogecoin rebounded off the lower trendline of the channel in late 2023, and the meme coin has been trading in an upward direction since then. The sustained climb along this channel suggests that DOGE could maintain its bullish trajectory over the longer timeframe.

By way of a price goal, the chart pattern projects a bullish goal of $15 on the upper trendline of the ascending parallel channel. On the time of writing, DOGE is trading at $0.343, meaning that reaching this goal would represent an extraordinary 4,273% increase from its current price level.

Featured image from Unsplash, chart from Tradingview.com