Dogecoin whales have recently bought up 140 million DOGE, fueling optimism among investors. Analysts predict this could lead to a potential 30% increase in the cryptocurrency’s price.
Dogecoin whales have stirred up excitement in the crypto world once again, kicking off a buying spree on Monday. On-chain data shows that these major investors have snapped up 140 million DOGE, significantly increasing buying pressure on the asset. This activity has sparked optimism among traders and investors, who are now expecting significant price gains for the popular meme coin in the near future.
Dogecoin Whales and Elon Musk’s X Money: A Bullish Wave for the Meme Coin
Top crypto market analyst Ali Martinez shared in a recent post on X that Dogecoin whales purchased 140 million coins in the past 24 hours. This surge in buying signals growing interest in the asset and has sparked optimism amid broader developments in the crypto market.
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Dogecoin has been a hot topic in the crypto world recently, largely due to speculation about Elon Musk’s upcoming X Money payment system. Expected to launch this year, X Money aims to offer cryptocurrency support, similar to China’s WeChat. While there’s been no official confirmation yet, many in the market believe Bitcoin, Dogecoin, and stablecoins like Tether’s USDT could be key players in this initiative, fueling hopes for a Dogecoin price rally.
The massive buying spree by Dogecoin whales has generated significant excitement among investors. At the same time, strong market trends have created a bullish outlook for the leading dog-themed meme cryptocurrency.
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Dogecoin Price Surge: Whales Drive Momentum Amid Bullish Market Outlook
As of now, Dogecoin’s price has risen by about 2.3% intraday, trading at $0.3927. Over the past 24 hours, its price ranged between $0.3763 and $0.3891. The recent surge follows a period of volatile trading earlier today, driven by heavy buying activity from Dogecoin whales.
According to a CoinGape analysis, DOGE could see a potential 30% gain thanks to strong market technicals. Notably, the market value to relative value (z-score) indicator suggests that DOGE remains undervalued, even after climbing 365% from its September low. These factors have encouraged investors to keep a close eye on the meme coin, with speculation growing about a possible continuation of its bull cycle into 2025.
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