Dogecoin (CRYPTO: DOGE) has gained around 8% over the past week, bolstered by speculation around Elon Musk's new political party, which has reignited interest and whale accumulation.
What Happened: Crypto analyst Kevin says DOGE is showing relative strength this cycle compared to many altcoins. "It hasn't even come close to what it's capable of," he said, suggesting the coin could see major upside under the right macro conditions.
More Crypto Online highlighted $0.182 as the next resistance for DOGE. As long as the price holds above $0.162, the bullish diagonal structure remains intact.
Crypto Batman compared Dogecoin's current setup to its 2016 cycle, when it quietly built up before a massive rally. He noted DOGE is again mimicking this pattern, potentially gearing up to reclaim its meme coin crown.
Crypto trader Degen Hardy pointed to over $15 billion in liquidations stacked between $0.17–$0.19. If DOGE breaks above this zone, a short squeeze could send it surging past $0.25, especially if the current double bottom near $0.15 confirms.
Also Read: Scottie Pippen Is Watching Bitcoin, XRP, Dogecoin…And What Else?
Why It Matters: According to Bitinfocharts, DOGE whales have been increasing their holdings.
Large holders (1 billion – 10 billion DOGE) added nearly 1 billion DOGE between June 28 and July 1, coinciding with Musk's America Party announcement.
As of July 9, holdings remain elevated around 43.97 billion DOGE.
Meanwhile, smaller holders (1–10,000 DOGE) have decreased, indicating retail might be exiting while whales are accumulating, a potentially bullish signal.
Musk's political ambitions have further fueled speculation that DOGE could become integrated into X's payments infrastructure, enhancing utility and market appeal.
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