Crypto Analyst Predicts Huge Surge In Dogecoin's Value: 'Market Sentiment ... Is As Bearish As It Was In Early February'

Cryptocurrency analyst and trader Ali Martinez has forecasted a significant price increase for Dogecoin (CRYPTO: DOGE).

What Happened: According to a post on X on Friday, Martinez noted that Dogecoin's market sentiment is as bearish as it was before its previous surge in February.

"Market sentiment for #Dogecoin is as bearish as it was in early February, just before #DOGE skyrocketed by 200%!" he said.

Market sentiment for #Dogecoin is as bearish as it was in early February, just before #DOGE skyrocketed by 200%! pic.twitter.com/dxbnb5jECQ

— Ali (@ali_charts) May 31, 2024

In early March, DOGE reached $0.18, following Bitcoin's (CRYPTO: BTC) rise after the SEC approved spot Bitcoin ETFs.

Whales have also started moving large amounts of Dogecoin, with many transactions marked as purchases.

Martinez tweeted that Dogecoin whales accumulated over 700 million DOGE in the last three days, valued at approximately $112 million.

Also Read: Dogecoin Soars As Elon Musk's X Payments Gains Ground, Enthusiasts Rally With $800M Boost

Whale Alert reported that around 1.5 billion DOGE were transferred anonymously over the past two days. Transactions included 420,696,969, 970,000,000 and 499,420,696 DOGE.

420,696,969 #DOGE (66,103,147 USD) transferred from unknown wallet to unknown wallethttps://t.co/HgyBMwh6IX

— Whale Alert (@whale_alert) May 31, 2024

Additionally, 90,000,000 DOGE were withdrawn from Robinhood and transferred to an unknown address, totaling 1.579 billion DOGE valued at $251,410,009.

At press time, DOGE is trading at $0.1598, having risen by 2.89% after a 4.25% overnight drop.

Why It Matters: Martinez's prediction comes amid significant movements in the Dogecoin market. Last month, a transfer of 120 million DOGE to Robinhood coincided with a 4.45% price surge for the cryptocurrency. Whale Alert's blockchain data highlighted this transfer, which was valued at approximately $18.5 million.

Earlier in March, another significant prediction was made by a crypto analyst who suggested Dogecoin could surge over 200% and that it was "going to do something insane this cycle."

Now Read: Forget Dogecoin And Shiba Inu — This Meme Coin Has Surged Nearly 70% In Just 24 Hours

This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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