In anticipation of the planned April Bitcoin halving event,

Dogecoin whales have been steadily boosting their DOGE holdings.

This week has seen a notable 70% increase in Dogecoin’s price (\DOGE} tickers down~0.14), driven by a bullish trend in the cryptocurrency industry.

Because of a combination of fundamental and technical indicators, this momentum suggests that there may be more gains to come in March.

Whales with Dogecoin accumulate

The recent spike in Dogecoin’s price coincides with a rise in the cryptocurrency’s holdings among its wealthiest investors,

or “whales.” For example, since the start of the year, there have been 0.7% more addresses owning more than 100,000 DOGE tokens.

At the same time, after February 12, there was a minor decline in the number

of entities with a balance of more than one million DOGE.

These addresses probably represent exchanges given the sizeable holdings, indicating that traders are

starting to favor keeping DOGE rather than participating in active trading. The strong buildup is indicated by this behavior.

Memecoin mania ahead of Bitcoin halving

The surge in Dogecoin’s value coincides with the fourth halving of Bitcoin, which is set for April 19, 2024.

 It’s interesting to note that the current price surge is comparable to upward trends that preceded earlier Bitcoin halving occasions

 in July 2016 and May 2020. Notably, as can be seen here, the price of DOGE increased by 200% ahead

 of the first Bitcoin halving and by roughly 50% ahead of the second.

In general, traders look for alternative assets such as meme coins in the hopes of achieving greater short-term gains,

believing that the market will benefit from the halving. Speculation and the desire to profit from the heightened market activity

brought on by the supply shock of Bitcoin are the driving forces behind this behavior.

In the days preceding the Bitcoin halving, other popular meme coins, such as Bonk (BONK), and Pepe (PEPE) tickers down

 $0.000004}, and Shiba Inu (SHIB) tickers down $0.000022}, saw significant increases, much like Dogecoin.

DOGE price technicals hint at more upside

As indicated below, DOGE’s next upside goal seems to be near its Fibonacci retracement line of 0.236.

This price point had a crucial part in the bearish phase of the market as it served as a foundational support during the decline from May 2021 to November 2021.

 This threshold turned into a strong barrier in December 2021 after it flipped to a resistance level. To this day, it still holds importance as a major site of resistance.

March 2024 will see Dogecoin hit $0.18, a potential 25% increase. This is due to a strong purchasing mood in the memecoin market, which has been sparked by the recent surge in Bitcoin.

 This positive trend implies that Dogecoin may reach its goal by the end of the month.