Crypto Analyst Calls Dogecoin Chart ‘Beautiful', Here's why

Despite a hard week of muted performance and an eventual crash, the bullishness around Dogecoin has not waned, especially among crypto analysts. Expectations for the crypto's price are still high with crypto analyst JD referring to the Dogecoin price chart as beautiful.

Timeline of Dogecoin

In a recent analysis, a pseudonymous crypto expert who goes by @itsALLrisky on X (formerly Twitter) presented a compelling case for Dogecoin's sovereignty, asserting that the popular meme coin may thrive without the need for a Dogecoin ETF.

Dogecoin (DOGE), the largest meme coin by market cap, has witnessed its price plummet by over 10% in today's trading session. The dog-faced crypto registered massive declines in the past week.

A substantial transaction involving Dogecoin (DOGE) was recently recorded. A significant amount of 59.9 million DOGE, equivalent to roughly $5 million USD, was moved from an unidentified wallet to Coinbase, the well-known American cryptocurrency exchange.

Max Schwartzman, the CEO of crypto analysis platform Because Bitcoin, has drawn similarities between meme coins Dogecoin (DOGE) and PEPE. If history is to repeat itself, then a price breakout could be on the horizon for PEPE.

Memecoins have been one of the most interesting aspects of the crypto market. The top memecoins like Dogecoin, Shiba Inu, and Pepe have been struggling hard to hold above the gains, while the newly launched token, BONK, displayed a monstrous rally.

Dogecoin (DOGE) has maintained its dominance in the meme coin world, as showcased by its recent on-chain statistics. According to data from IntoTheBlock (ITB), Dogecoin whales are sustaining their momentum as the large transaction volume has been driven above the $1.6 billion benchmark after jumping by 27.97% over the past 24 hours.

This week, there's been a noticeable increase in large Dogecoin transfers to and from exchanges. Meanwhile, the price of DOGE has been fluctuating, reaching a high of $0.097 and a low of $0.089.

Two altcoins witnessed significant whale activity in the past 24 hours. What Happened: An unknown wallet address transferred 71.2 million Dogecoin (CRYPTO: DOGE) (worth $6.4 million) to a Robinhood wallet address and 40.03 million to another unknown wallet address, according to Whale Alert.

Data from crypto analytics platform IntoTheBlock (ITB) reveals a substantial increase in Dogecoin whale transactions, soaring by as much as 26.19% in the last 24 hours. If this trend continues, it could have a positive impact on DOGE's momentum.

On-chain data suggests the Dogecoin adoption has been picking up recently as a large number of new addresses are popping up on the network. Dogecoin Is Observing A High Number Of Daily New Addresses Currently In a new post on X, analyst Ali talked about how the Dogecoin network activity has been looking like recently in terms of new address creation.