The beloved meme crypto Dogecoin is making waves again as huge investors throw their weight behind the asset. Data shows whales have gone into a buying spree for DOGE, pushing its price to skyrocket over 80% in the last 30 days.
According to blockchain analytics firm IntoTheBlock, large transactions over $1 million for Dogecoin have exploded higher by a mind-boggling 600% over the last month. This tidal wave of whale activity marks the most millionaire DOGE transactions since the cryptocurrency’s euphoric peak way back in May 2021.
Fanning the bullish flames, a popular analyst, Ali, revealed that whales have collectively gobbled up 25 million Dogecoins valued at $3.75 million in a short 72-hour window. These huge buys from the crypto bigwigs appear to be a key driver behind Dogecoin’s ongoing price surge.
At the time of writing, DOGE is trading at around $0.1537 after the massive 24-hour rally yesterday of about 18%, but it is now just around 3%. The double-digit percentage gain points to renewed confidence in the iconic meme coin from investors.
Bullish Catalysts For Dogecoin
So what’s fueling the renewed excitement around Dogecoin? Well, for one, crypto heavyweight Coinbase dropped a bombshell by announcing plans to offer Dogecoin futures contracts. The exchange cited DOGE transcending from its meme coin roots into a major crypto asset.
Furthermore, Elon Musk’s hyped X platform (formerly Twitter) has been making regulatory strides to incorporate crypto payments, including potentially DOGE. Musk’s X Payments service just scored new licenses in Illinois, New Mexico and Oregon – reigniting speculation DOGE could be integrated.
Prominent analyst Rekt Capital also gave Dogecoin a bullish nudge. He stated the meme coin has officially rebounded from a macro downtrend and confirmed a new macro uptrend.
Dogecoin March Price Prediction
Looking ahead, the forecasting platform Changelly sees more upside for DOGE based on its technical analysis. Their indicators are flashing a greedy “Bullish” signal on DOGE. For March 2024 specifically, the average predicted DOGE price is $0.132, with a potential high of $0.138.
Whether this DOGE frenzy is sustainable or not remains to be seen. But one thing’s for sure – the whales are going hog wild for the meme crypto once again. Their heavy buying could keep pumping DOGE in the coming days and weeks if it persists.
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