Dogecoin may rise due to Elon Musk's influence.

Dogecoin (DOGE) continues to consolidate around the $0.17 level, while on-chain data shows that the largest holders have entered a significant buying phase. Despite a pullback in the broader market, this shift indicates that whales are positioning themselves for a potential big move. Additionally, this process is developing under the influence of ongoing speculation that Elon Musk will integrate a payment system into X (formerly Twitter). This situation increases expectations that DOGE may transition from a meme coin status to that of a utility token.

Analyst Ali Martinez noted that in the past two weeks, wallets holding between 100 million and 1 billion DOGE have added 4.72 billion DOGE. What’s more striking is that despite DOGE's price remaining nearly unchanged, this massive accumulation has taken place. This situation typically indicates a strong accumulation phase; major players prefer to reduce supply before triggering price movements. This development suggests that a period of suppression in DOGE may be coming to an end.

Meanwhile, a situation is emerging that aligns with technical formations historically seen prior to DOGE's most explosive rallies. Analyst Trader Tardigrade states that the current chart structure (a local peak, followed by consolidation and now a recovery) perfectly reflects the structures observed before the bull runs of 2017 and 2021. If this historical cycle repeats, analysts suggest that DOGE could be preparing for the next major rise targeting the $0.30 level. Additionally, Javon Marks’ more detailed analysis points out that DOGE is forming higher lows, which is a classic indicator that the market is finding support at higher levels.

In the meantime, while considering DOGE's potential, the development of Minotaurus (MTAUR), a math-based, utility-focused project on the BNB Chain, offers a different perspective. The project moves with a clear and timely token sale compared to assets expecting cyclical breakouts. Its reliability has been enhanced by audits conducted by SolidProof and Coinsult. Currently, the project has recorded over 2.93 million USDT in token sales towards a target of 6.44 million USDT. The token is currently trading at 0.00012493 USDT and the planned next stage price is set at 0.00014 USDT.

It is crucial for investors to pay attention to these points to understand the current market dynamics. Investors and stakeholders looking to assess their potential are advised to closely monitor the DOGE and Minotaurus projects.