The leading meme coin by market cap has achieved a 15% increase in value over the last week, marking it as one of the top performers in the cryptocurrency market during this time. The recent accumulation by large investors indicates that this rally might not be ending soon, presenting the opportunity for even greater gains.

Accumulation Activity

Notably, Ali Martinez, a well-known analyst, reported that Dogecoin whales, which are wallets holding between 1 and 10 million DOGE, have accumulated over 30 million coins in merely 24 hours. This amount, valued close to $8 million, boosts their total holdings to about 11 billion DOGE, constituting roughly 7% of the total circulating supply of Dogecoin.

This strong buying activity reflects solid confidence among these investors, potentially encouraging smaller investors to follow suit. Additionally, it limits the supply of DOGE in the open market, with the economic principle suggesting that prices may rise further should demand remain stable or increase.

As of now, Dogecoin trades at approximately $0.26, with many analysts forecasting further price hikes. Trader Tardigrade has also identified a potential “cup and handle” pattern in the price chart, which could predict an upswing to $0.30. Another analyst, Clifton Fx, is even more optimistic, predicting a 200% – 300% increase, possibly reaching as high as $0.74.

Dogecoin Market Position

Following this latest price surge, Dogecoin’s market cap has soared to nearly $40 billion, accounting for about 50% of the entire meme coin market capitalization. Its dominance continues to strengthen, while the gap to the second-most valuable coin, Shiba Inu (SHIB), has expanded by over $32 billion.

Currently, Pepe (PEPE) holds third place with a market cap around $4.2 billion, while others like Meme Core (M), Pump.fun (PUMP), and Pudgy Penguins (PENGU) closely follow.