Dogecoin price soars on significant whale accumulation; will DOGE hit $1?
- DOGE gained 35% over the past day to explore levels not seen since Nov 2022.
- The price jump follows a substantial purchase of 270M DOGE tokens by large-scale investors.
- The memecoin remains poised for continued upswings toward the $1 mark.
Dogecoin (DOGE) has climbed to new highs amid remarkable recoveries. The altcoin gained 35% over the past day to trade at 0.13 at press time, triggering speculations of hitting the $1 landmark.
Dogecoin’s upside stance
Copy link to sectionVarious factors contribute to DOGE’s ongoing rally. First and foremost, the original meme token has seen significant transactions from large-scale investors. Recent stats show two whales have purchased 276.21 million Dogecoin tokens from Robinhood.
The first wallet scooped meme tokens worth $16.59M (172.89 million assets), while the other acquired 103.32 million coins worth approximately $9.87M.
The massive accumulation likely reduced the DOGE supply, subsequently boosting prices. That indicates steady bullish momentum behind the dog-themed crypto.
Furthermore, Dogecoin’s rally comes as DOGE futures attained a $1 billion open interest milestone, confirming magnified optimism among memecoin investors.
Dogecoin’s ongoing revival highlights rehabilitated interest and the possibility for continued price surges.
DOGE and the $1 landmark
Copy link to sectionDogecoin has its current resistance at $0.10268 and $0.12294. Keeping these obstacles away would yield impressive surges towards the $1 target.
Experts trust DOGE has what it takes to attain the milestone. The altcoin boasts a massive following, which remains vital for the success of crypto projects. Also, optimistic developments like X integration will increase its utility and boost DOGE prices.
Furthermore, strategic ecosystem improvements and Bitcoin’s (BTC) expected 2024 boom will likely boost Dogecoin’s uptrends. A historical all-time high for BTC will mean enormous upticks in the altcoin market.
Memecoins outperform during broad market rallies, and the sector has already shown signs. DOGE will sail smoothly to $1 upon market-wide surges.
Large-scale crypto investors (also whales) showcase confidence in Dogecoin’s future with substantial accumulations. Renowned analyst Ali Chart expects a massive rally for Dogecoin in April 2024.
However, the crypto market remains volatile and research is essential before investing in any digital project.
More industry news
