A crypto analyst has predicted that Dogecoin's price could 'pump hard soon,' citing a significant surge in on-chain activity and whale accumulation as key indicators. The meme coin, trading around the $0.10 level, has seen its network engagement skyrocket.
Recent data from the on-chain analytics platform Santiment, shared by analyst Ali Martinez, reveals that the number of active DOGE addresses jumped 176% in just one week. The metric climbed from 41,557 to 114,662, reaching its highest level in months. Active addresses measure real network engagement, and a spike typically signals increased user interaction with the asset.
Concurrently, Dogecoin whales have been on a buying spree, scooping up approximately 470 million DOGE over a 72-hour period from March 12 to March 14. This coordinated accumulation by large wallet holders is viewed by commentators like Myles G. as a precursor to a stronger price move. The asset has already responded with a rally, surging more than 5% in 24 hours to reclaim the $0.10 level and posting nearly 10% in weekly gains.
Technical analysis suggests that holding above the $0.105 level could be crucial for sustaining momentum. The combination of surging retail participation and aggressive whale buying is creating a constructive outlook for Dogecoin's price action, with analysts anticipating a potential repricing to the upside.
