Dogecoin (DOGE) has witnessed significant movement in recent days, with the token currently priced at $0.1198. Despite a 3.9% decline within the last 24 hours, DOGE has seen a 12% increase over the past week and a staggering 18% gain over the past month. Year-to-date, the popular meme coin has risen by an impressive 93%.

This upward momentum has been driven by major whale activity. Over the past 48 hours, whales have accumulated over 1.4 billion DOGE, worth approximately $167 million. This large-scale buying has raised expectations for a potential price surge in the coming months, with some traders forecasting a strong year-end performance and a promising outlook for 2025.

Whale Purchases Raise Speculation

The sudden purchase of 1.4 billion DOGE has caused confusion among some analysts and traders, particularly due to claims circulating on X (formerly Twitter). Over the weekend, a prominent crypto influencer tweeted that a single whale had purchased the entirety of this 1.4 billion DOGE. However, Dogecoin co-founder Billy Markus responded to this claim with skepticism.

According to Ali Martinez, a crypto analyst who shared data from Santiment, multiple whales were responsible for accumulating the 1.4 billion DOGE over a 48-hour period. This dispels the notion that one entity is orchestrating a major push for a price rally. Nevertheless, the high volume of whale buying activity remains a bullish signal for Dogecoin investors.

Dogecoin’s Future Outlook

Despite today's slight price dip, Dogecoin may be poised for another upward movement. Its relative strength index (RSI) recently dropped to 30, indicating that the coin may be in an oversold position. Such signals often suggest that traders have undervalued the asset, potentially setting the stage for a price recovery.

Additionally, Dogecoin’s 30-period moving average is approaching its 200-period average, indicating that DOGE may reach a bottom soon before beginning to climb again. With trading volume still high—exceeding $1 billion in daily activity—the market remains optimistic about the coin’s short-term prospects.

Analysts are now predicting that Dogecoin could reach $0.20 by November, with the potential to hit $0.40 by the end of the year as the broader cryptocurrency market enters a bullish phase.