A popular on-chain strategist says the top meme token Dogecoin (DOGE) is seeing an abrupt increase in network activity.

Analyst Ali Martinez tells his 73,400 followers on the social media platform X that institutional investors may be behind the sudden rise in large Dogecoin transactions.

“The number of large Dogecoin transactions on the network continues rising, which suggests institutional players and DOGE whales are positioning themselves for a potential upside move.” 

Last week, Martinez noted that crypto whales accumulated over $100 million worth of DOGE in just one day.

“Dogecoin whales bought over 1 billion DOGE in [24 hours], totaling roughly $108.7 million!”

With Dogecoin flashing signs of life, Martinez now says DOGE may be on the cusp of repeating the massive rallies it witnessed during the 2017 and 2020 cycles.

“History often repeats itself, and Dogecoin might be doing just that.

A familiar pattern: breakout from a multi-year descending triangle, 200% surge, 60% retracement – then a bull run.

After a recent 65% pullback, DOGE could be gearing up for the next big rally!” 

Looking at the trader’s chart, he appears to predict that Dogecoin will soar well above its current all-time high of $0.7316 en route to shattering $2.

At time of writing, DOGE is trading for $0.113, an over 2% increase in the last 24 hours.