Binance futures traders are highly bullish on DOGE, with over 72% of positions being longs.
However, history has shown that too many longs can lead to a move in the opposite direction. In the past, optimistic sentiment has not translated into higher prices for DOGE.
Whales have been buying up DOGE, accumulating over 800 million coins. This reduces the available supply and can create FOMO (fear of missing out) among smaller investors.
Analysts still predict potential price surges for DOGE, with some forecasting a 3x increase. However, recent market movements are indicating a pivotal juncture for the asset's price, with potential highs of $0.23 or lows of $0.11.