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Popular cryptocurrency analyst Trader Mayne has expressed a bullish outlook for Dogecoin DOGE/USD , suggesting that the meme coin could see significant price increases shortly.

What Happened: Trader Mayne, on Wednesday, discussed Dogecoins potential trajectory, highlighting its current pivotal position in the market. He indicated that if the crypto manages to sustain its current support levels, it could pave the way for a significant upward move.

He remarked, "If we hold and can reclaim that old high the party continues."

Another prominent trader, Trader Tardigrade, drew parallels between Dogecoins current cycle and its historical performance, hinting at the possibility of history repeating itself.

Reflecting on Dogecoins value of $0.0007 in 2017, he mentioned that few believed it could reach $0.003, $0.009, or $0.35. Now, with Dogecoin at $0.22, he suggests it might potentially surge to $2, $9, or even $40.

In a recent tweet, 5.O Inverted noted Dogecoins retest of previous resistance, which is now acting as a bullish support. The analysis estimates Dogecoin to reach $0.32, potentially propelling other meme coins higher as well.

Read Also: Dogecoins 35% Monthly Gains And Elon Musk Effect Means Its Probably Going To Do Something Silly Like Go To $1, Says Trader

Why It Matters: Data from IntoTheBlock reveals a 34.4% increase in large transaction volumes, reaching $6.6 billion. Transactions exceeding $100,000 also saw an uptick to 1,136 as of April 2 from 1,129 on April 1. Currently, 80% of DOGE holders are in profit, with 7% at break-even.

According to Whale Alert data, significant whale transactions were observed within the past 24 hours. Noteworthy transfers include 229 million DOGE from Robinhood to an unknown wallet, 59.8 million DOGE from Coinbase to an unknown wallet, and 234.7 million DOGE transferred from an unknown wallet to Coinbase.

In a recent tweet, Dogecoin OG CEO highlighted that only 38,371 wallets hold more than 100,000 DOGE tokens, placing holders of this amount in the top 1% bracket.

Whats Next: The influence of meme coins andBitcoin as an institutional asset classare topics expected to be thoroughly explored at Benzingas upcomingFuture of Digital Assetsevent on Nov. 19.

Read Next: Dogecoin Set to Surge Over 200%, Says Crypto Analyst: Its Going To Do Something Insane This Cycle

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2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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