Dogecoin (DOGE) has performed well in the last 30 days after gaining by 17%. Dogecoin’s market capitalization has also increased to above $21.5 billion, ranking it the eighth-largest crypto.
The recent gains come amid an uptick in whale activity. According to IntoTheBlock, large Dogecoin addresses accumulated over 2.10 billion DOGE tokens last week, marking the highest level of accumulation by these large addresses since January.
A spike in whale interest is usually bullish for price as it shows positive sentiment towards Dogecoin. According to market analyst Ali_Charts, Dogecoin might follow past price action that could position it for a strong bull run.
In past years, DOGE has often followed a cyclical pattern. After breaking out of a bearish descending triangle pattern, the price rallies by 200%, after which it corrects before entering an official bull season.
“History often repeats itself, and Dogecoin might be doing just that… After a recent 65% pullback, DOGE could be gearing up for the next big rally,” the analyst said.
Dogecoin traded at $0.1468 at press time after a slight 1% gain in 24 hours. The bullish sentiment around DOGE comes amid a jump in meme coin prices.
Is the meme coin season back?
The meme coin sector has outperformed the broader cryptocurrency market in the last 24 hours after soaring by more than 7%. Ethereum-based meme coins Shiba Inu (SHIB) and PEPE (PEPE) increased by around 2% and 8% in 72 hours.
Solana-based meme coins have been the top performers after posting a 14% gain in value.
The hype around SOL-based memecoins has also seen FLOKI lose its position as the sixth-largest meme coin to Popcat (POPCAT), which also runs on Solana. In the last seven days, POPCAT has gained by around 50%.
The hype around meme coins has triggered discussion about their intrinsic value. This comes after Ethereum co-founder Vitalik Buterin continued to donate meme coins to charity saying they can have a positive societal impact.
“I’ve said before that I think the best thing for meme coins is if they can be maximally positive-sum for the world, so it’s great to see moments when that actually happens!” Buterin stated.
CryptoQuant’s Ki Young Ju also stated that the most “realistic path” for meme coins was if they could be used to resolve social problems.