Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

On-chain data agency IntoTheBlock has published an important chart, which shows a curve of Dogecoin accumulation by large cryptocurrency holders.

According to this data, big Dogecoin whales have accumulated more than two billion DOGE over the past week. The tweet says that this is the largest accumulation since January this year. The curve shows that the billions of DOGE were acquired between Sept. 30 and Oct. 5.

DOGE may rally 200%, analyst believes

Crypto analyst Ali Martinez believes that the largest meme cryptocurrency Dogecoin shows high odds of breaking out and staging a bull run. Before that, DOGE may rally 200% first and then roll back by 60%.

It all will happen, Martinez stated, if history repeats itself for Dogecoin. Currently, the asset seems to be breaking out of its multi-year descending triangle pattern. This has happened before and might be happening now, the analyst wrote in the tweet.

He pointed out that DOGE has already faced a 65% pullback recently, and now “$DOGE could be gearing up for the next big rally!”