Dogecoin to $10? Analyst projects 23x rally based on historical trends

• DOGE could rally 23x if the historical pattern repeats, per analysts. 
• Whales were buying DOGE again despite the November run-up. 

The memecoin segment, led by Dogecoin [DOGE], has been consolidating after a wild run in November. However, some analysts believe the dog-themed memecoin could front a 23x extra pump to $10 next year. 

One of the analysts, Trader Tardigrade, projected that DOGE could soar above $10 if historical patterns play out. 

DOGE 2025 price targets

Tardigrade isn’t the first to make a bold $10 price projection for DOGE. In October, a renowned crypto analyst, Ali Martinez, made a similar outlook based on a long-term ascending channel. 

Martinez noted that DOGE topped out at the upper channel level in the past two cycles. If the pattern repeats, DOGE could hit $10 this cycle. 

Whale insights

Although the projections seemed far-fetched, whales expected an extra DOGE rally. One particular cohort, wallets holding 100 million—1 billion DOGE (red), was buying again after selling since mid-November. 

Interestingly, those holding 10 million-100 million DOGE (blue) haven’t slowed down the accumulation spree since November. After the wild November run, the renewed bidding by these top whale wallets suggested that DOGE might not be done yet. 

Another key data point to consider was the supply held by miners. DOGE, like Litecoin [LTC] and Bitcoin [BTC], is mined, and the earned rewards make miners supply a huge supply and price factor. 

In 2021 and early 2024 (the first phase of the current cycle bull run), miners offloaded a significant amount of DOGE (sharp red cliffs), a selling pressure that marked DOGE’s tops. 

Read Dogecoin [DOGE] Price Prediction 2024-2025

As of this writing, miners held 1.22 billion DOGE, worth over $5.4 billion. They have been offloading in Q4 but at a slow pace.

If historical patterns repeat, an intense miner sell-off should be a warning sign for DOGE holders to book profits.