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Whales Accumulate More $DOGE Predict Dogecoin Price
Dogecoin rose 3.5% to $0.1515 in 24 hours while the crypto market rose 2.5% today.
Although the market's largest meme currency dropped 20% in a month, DOGE is up 14% in a week.
However, a huge dealer took $19 million in DOGE off Robinhood in one transfer, suggesting whales have been stockpiling the meme currency.
Due to a busy weekend, the market may gain more in the following days.
Dogecoin Price Prediction as Whales Earn More DOGE: What's Next?
DOGE's chart suggests the currency is starting an uptrend that may continue a few days until it runs out of steam.
Specifically, its 30-day average (orange) is barely crossing its 200-day average (blue), making a golden cross that may signify a breakthrough.
DOGE's relative strength index (purple) is between 50 and 70, a day after falling below 30.
The meme coin may be in for a short-term boom, since transfer and ownership data suggests whales are re-accumulating it.
We had a couple major Dogecoin purchase this week, and whales now own more of DOGE's supply.
Addresses holding 100 million to 1 billion DOGE currently own 21% of the token's circulating supply, up from 20.75% a week earlier.
Though minor in percentage terms, whales have taken advantage of low pricing to acquire DOGE cheaply.
Therefore, they stand to benefit as Dogecoin prices climb in the following days and weeks.
It may gain further along with the larger market, which seems set to rebound after selling.
As X may integrate digital payments on its network, including DOGE payments, Dogecoin has long-term potential.
DOGE might hit $0.5 by year's end if this happens.
