Dogecoin Price Prediction: DOGE Whale Moves Millions Of Tokens to Unknown wallet – What’s the Deal?
Dogecoin’s price has remained stable for the past 24 hours. Its current price of $0.088410 represents a 7.5% increase in the last week. The DOGE price also saw a 2% increase in the last month. This is due to Elon Musk’s continued cryptic references to the meme token.
Dogecoin prices have barely reacted to yesterday’s reports that $2.75million in tokens was transferred from multiple addresses into a single wallet. This could be a sign that a whale is looking to sell his dogecoin holdings. Other whales have also moved large amounts of tokens in recent weeks.
Dogecoin Price Prediction: DOGE Whale Moves Millions Of Tokens to Unknown wallet – What’s the Deal?
Even though they can be read in both directions, DOGE’s indicators are quite promising. After falling to 40 in the previous month, its relative strength index (purple), has increased to 50. This is a sign that DOGE is gaining momentum.
The coin’s 30-day moving mean (red) has stopped rising above its 200-day average (blue), indicating that it could be due for a fall.
Recent whale activity supports this suspicion to a certain extent. Yesterday, a large holder transferred 31,158,390 DOGE, now worth approximately $2.75million, from multiple addresses to one wallet.
This DOGE quantity has not changed, but recent transfers from other whales raise the concern that larger investors might be planning for a saleoff. For example, In the last four hours, a similar number of transfers occurredIt is estimated that it is worth approximately $2.5 million
Even more alarming, yesterday saw a DOGE transaction worth $5 million. The DOGE in question was moved from a top-20 wallet into an unknown wallet.
Even worse, a wallet that was inactive for more than two years moved DOGE worth $28million to a new address on February 17.
This is speculation at best, but it is possible that larger investors may be preparing for a sell. DOGE’s indicators, which are in the right position to lose, have been losing momentum over the past week, while the wider market has gained some ground.
Even though DOGE will likely fall from its current $0.08841 position, it still has the potential to make new gains in the near future. This is due to Elon Musk’s continued support of the meme token.
Last week, for instance, Tesla and Twitter owner referred to Dogecoin via a viral tweet about his Shiba Inu dog Floki.
He also attended Super Bowl LVII wearing a Dogecoin shirt, and sat next to Rupert Murdoch, News Corp. owner, Fox Corp.
These stunts feed the expectation of Twitter introducing dogecoin payments sooner or later. These expectations took on a new level of intensity when the Financial Times An article was published Reports claimed that the social network was moving ahead with its digital payments plans and that it had applied for regulatory licenses in the US.
Consider Elon Musk’s support for dogecoin since its inception — and the fact that he has been a long-standing advocate of it. Last year, he suggested that he might consider DOGE paymentsThis news gives credence to the claims that dogecoin could eventually become a payment option via Twitter.
The most recent report did not mention DOGE. It is therefore unknown if Musk’s vague hints of a possible merger will be realized. If they do, it’s likely DOGE will rally in mass numbers, possibly reaching entire numbers within a few weeks of any possible Twitter integration.
However, the target price for 2023 is closer to $0.13 as suggested by A recent report from crypto-exchange Changelly. This is not a headline-grabbing figure, but it would mean a 47% increase from the current level.
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Alternatives to Dogecoin with High Potential
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Disclaimer: The Industry Talk section contains insights from crypto industry players, and is not part of Cryptonews.com’s editorial content.