Dogecoin Whales Accumulate 700 Million DOGE Tokens in 72 Hours, What To Expect?
The post Dogecoin Whales Accumulate 700 Million DOGE Tokens in 72 Hours, What To Expect? appeared first on Coinpedia Fintech News
Prominent crypto analyst Ali Martinez revealed that Dogecoin whales have bought over 700 million DOGE tokens in the past 72 hours. This significant purchase is valued at approximately $112 million, showcasing a surge in interest and a potential bullish trend for the popular meme-based cryptocurrency.
Dogecoin’s Growing Popularity
According to Martinez’s insights, this 700 million DOGE tokens accumulation by whales highlights their influential role in the Dogecoin market. Large holders like these can significantly affect market dynamics through their buying and selling activities.
However, the recent whale activity suggests a shift in sentiment towards Dogecoin, indicating that major players see promise in the cryptocurrency’s future. The timing of this whale activity aligns with a broader uptrend in the cryptocurrency market.
Digital assets are gaining more acceptance and adoption, and Dogecoin has emerged as a significant player in this space. The influx of whale buying could signal a bullish outlook for Dogecoin’s price soon, which will be closely watched by investors and analysts.
Impact of Whale on Dogecoin
The recent surge in whale activity around Dogecoin has sparked discussions among market analysts and investors about its future trajectory. The meme coin sector, including Dogecoin, has been drawing increased attention and experiencing price surges.
Movements by large holders often indicate underlying confidence or strategic repositioning, which can have significant implications for the market. The accumulation of DOGE by prominent holders might suggest they expect future gains.
Dogecoin Price Analysis
Meanwhile, Mags, a well-known crypto analyst, recently tweeted that Dogecoin is about to experience a parabolic rise. He predicts the meme coin will increase by 700% this cycle, surpassing $1.
$DOGE about to go parabolic..
Last cycle, I shared Dogecoin before it went up by 170x.
I've been accumulating Dogecoin for the past few months and my bags are loaded.
I'm expecting a 7x return this cycle. See you at $1+
pic.twitter.com/OeXdDMpJDZ
— Mags (@thescalpingpro) May 25, 2024
Mags has a track record of accurately predicting Dogecoin’s previous bull cycle, where it saw a 170x increase. He shared that he has been accumulating Dogecoin over the past few months, anticipating a 7x return if his prediction comes true.
As of now, Dogecoin is trading at $0.16, reflecting a slight increase of 0.72% in the last 24 hours. Over the past 30 days, Dogecoin has gained nearly 12%, indicating growing investor interest in the cryptocurrency.
