On Monday, the meme coin Dogecoin (DOGE) is consolidating around $0.2170 after reaching a peak of $0.2232 on Sunday, March 31.

According to CoinGecko, DOGE has gained 24% over the past week and 51.5% over the last 30 days. Since the beginning of 2024, the meme coin has seen a remarkable increase of 134%.

At the time of writing, DOGE is trading at $0.2166, showing a 6% increase over the last 24 days.

Analysts at the analytics platform Santiment reported on their X page that DOGE's rise is primarily driven by high activity among major asset holders.

"DOGE, the eighth largest cryptocurrency by market capitalization, is receiving support from major 'sleeping whales' bringing it back into circulation," Santiment stated.

Renowned crypto trading expert Ali Martinez pointed out that over the past two weeks, whales have acquired 1.40 billion DOGE worth approximately $280 million.

Martinez also highlighted to his followers that Dogecoin remains the leader in the meme coin market and, from a technical standpoint, could replicate its movement trajectory from 2018-2021.

"If that's the case, DOGE might just be at the start of a massive parabolic bull run," the analyst stated on X.

Data from the analytical online platform Coinglass also points to an upcoming rally, showing that over the last 24 hours, more than $10.5 million in Dogecoin was liquidated, with short positions amounting to $5.66 million being cleared. Additionally, the trading volume increased by 27.33% to $5.06 billion, and the open interest stands at over $1.9 billion.