Whales have been making big moves in the Dogecoin market, seizing the recent price dip as an opportunity to buy a massive 750 million DOGE.

As long as Dogecoin holds above $0.19, analysts believe the setup for a parabolic rally remains strong. Some even suggest a path toward $10 if momentum continues to build.

Crypto trader and pseudonymous analyst Bluntz, known for his expertise in the Elliott Wave theory, believes Dogecoin has completed an ABC corrective wave against both the US dollar and Bitcoin. The Elliott Wave theory suggests that after an asset completes an ABC pullback, it tends to experience a fresh five-wave rally.

Bluntz predicts that Dogecoin could surge by as much as 200% from current levels.

“Memes largely out of favor here and getting dunked on big time but with the big dog DOGE looking like this, it may be time. HUGE ABC down on the [daily chart] on the USD and BTC pair. Potential 2-3x coming up,” Bluntz said.

At the time of writing, Dogecoin is trading at $0.24.

Memecoins gaining momentum

In addition to Dogecoin, Bluntz sees bullish signals in another meme token — Floki. According to him, Floki is printing a bullish divergence on the daily chart, which could indicate an upcoming reversal in price.

“There is monster FLOKI bullish divergence printing here after it swept a major level, could print today or tomorrow,” Bluntz wrote. “Love it or hate it, the meme meta is probably staging a comeback here.”

Bitcoin has dropped nearly 9% over the past week, while other top cryptocurrencies have fared even worse. XRP, Dogecoin, and Cardano have been among the biggest losers in the past seven days, plunging around 26%.