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Dogecoin (DOGE) Hikes 3.4% as Whales Accumulate 270M Tokens
In a surprising turn of events, the price of Dogecoin (DOGE) has surged by 3.4% in just 24 hours, reaching $0.33. This sudden spike is attributed to whales accumulating an impressive 270 million DOGE tokens over the past 96 hours.
This development comes as Bitcoin’s “Santa rally” pushes its value beyond $98,000, indicating a strong correlation between the two cryptocurrencies. The buying frenzy among whales has sparked excitement among Dogecoin enthusiasts and investors alike, as they anticipate a potential price hike.
Market analyst Javier Santini, founder of Elemento Cripto, has caused quite a stir by boldly predicting that Dogecoin could reach an astonishing $4 within a week following its current correction phase. According to Santini, these corrective phases typically last about a month before triggering a rally. If this prediction holds true, DOGE would experience an unprecedented growth of over 1,168%, with the current price hovering around $0.33.
Another expert has also corroborated this prediction and even forecasted a potential rise to $4.20, citing Dogecoin’s 1,000-day accumulation pattern as evidence for its strong underlying support. This unexpected upswing in value has polarized investors, with some viewing it as an opportunity for significant gains while others see the erratic behavior of DOGE as a risk.
Despite the uncertainty surrounding the market, Santini believes that these fluctuations are normal precursors to major rallies and could potentially be catalysts for a price surge. However, DOGE’s volatility has led to $9.2 million in liquidations across both long and short positions, highlighting the uncertainty among traders and investors alike.
As Dogecoin’s value continues to fluctuate wildly, only time will tell if Santini’s bold prediction comes true or not.
Source: http://www.cryptonewsz.com
