The Dogecoin price has gained by 3.5% in the past 24 hours, rising to $0.1515 as the crypto market as a whole climbs by 2.5% today.
DOGE is now up by 14% in a week, although the market’s biggest meme coin has actually lost 20% in a month.
However, its move today follows indications that whales have been accumulating the meme coin recently, with one transfer alone seeing a big trader take $19 million in DOGE off Robinhood.
This could result in further gains in the coming days, with the market set up for what looks like a busy weekend.
Dogecoin Price Prediction as Whales Accumulate More DOGE – What’s the Next Move?
DOGE’s chart creates the impression that the coin has just begun an upswing, which may last at least a few days yet before it runs out of steam.
Most notably, its 30-day average (orange) is just climbing over its 200-day average (blue), forming a golden cross that can indicate a breakout.
Source: TradingView
This is happening while DOGE’s relative strength index (purple) is hovering between 50 and 70, only a day or so after dropping under 30.
As such, it looks as though traders are in for a short-term period of strength for the meme token, with transfer and ownership data suggesting that whales have been re-accumulating the token.
Not only have we seen a few big Dogecoin buys, but data also indicates that the share of DOGE’s total supply held by whales has risen this week.
120,000,000 #DOGE (18,097,831 USD) transferred from #Robinhood to unknown wallethttps://t.co/KNChEN3268
— Whale Alert (@whale_alert) May 9, 2024
In particular, addresses with between 100 million and 1 billion DOGE now hold 21% of the entire circulating supply of the token, up from 20.75% more than a week ago.
This is a small change in percentage terms, but it highlights how whales have taken advantage of depressed prices to buy DOGE on the cheap.
They have therefore set themselves up to make some profits once the Dogecoin price rises in the coming days and weeks.
And it is likely to see more gains in step with the wider market, which after a period of selling looks ready to recover in the near term.
More generally, Dogecoin has long-term potential in relation to the possibility that X may introduce digital payments on its platform, including payments using DOGE.
If such an eventuality comes to pass, DOGE may reach $0.5 by the end of the year.
New Dogecoin Rival Shows Strong Rally Potential
Dogecoin is likely to
remain one of the biggest meme tokens in the market for the foreseeable future, yet it certainly isn’t the only such coin with big potential right now.
Indeed, a wave of new meme coins have emerged in recent months, with the best of these looking ready to outperform the market.
A great example of this is Dogeverse (DOGEVERSE), a multi-chain meme coin that has raised over $15 million in its token offering.
Source: Dogeverse
As the market’s first multi-chain Doge-themed meme token, DOGEVERSE will run on the following networks: Ethereum, Polygon, BNB Chain, Solana, Avalanche and Base.
Because of its compatibility with these chains, it could gain much greater traction than it would have as a single-chain token.
It may potentially find use and adoption on multiple apps and trading platforms, something which would boost its price over time.
Also likely to boost its price is its hard cap of 120 million tokens, which will make it deflationary in the long run.
So, too, will its staking system, which, by incentivizing holders with yields, will result in a big chunk of its supply leaving circulation.
This all makes DOGEVERSE look very promising, with newcomers able to join its sale at the official Dogeverse website.
1 DOGEVERSE has reached its final presale price of $0.00031, a level it’s hoping to eclipse once it lists in the next couple of weeks.
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