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Dogecoin (DOGE) Hikes 3.4% as Whales Accumulate 270M Tokens
The biggest meme coin, Dogecoin, has surged to $0.33, a significant 3.4% hike in the last 24 hours, following the accumulation of an astonishing 270 million DOGE tokens over the past 96 hours. This remarkable surge takes place amidst the “Santa rally” in Bitcoin ahead of Christmas Eve, which has pushed the cryptocurrency beyond $98,000. The correlation between DOGE and Bitcoin becomes starkly apparent, as both assets continue to defy expectations.
The recent whale accumulation of 270 million tokens within a short span is an unprecedented phenomenon that has left many investors on edge. While some view this development with skepticism, others see it as a clear sign that the market is ripe for significant gains. The surge can be attributed to the “Santa rally” in Bitcoin, as well as the growing interest in Dogecoin.
Market analyst Javier Santini, founder of Elemento Cripto, has sparked heated discussions by boldly predicting that the memecoin could reach $4 within a week after its ongoing correction phase. According to Santini, corrections like this 35% dip from its recent high of $0.48 are part of the natural market cycle. He claims that these cool-off phases typically last about a month before triggering a rally. If his prediction holds true, DOGE could experience an unprecedented growth of over 1,168%. Another expert supports the $4 prediction and even forecasts a potential rise to $4.20. This prediction is based on DOGE’s remarkable 1,000-day accumulation pattern, which showcases strong underlying support for the biggest memecoin.
Despite the excitement surrounding this sudden surge, DOGE’s volatility continues to polarize investors. While some consider its erratic behavior as a risk, others view it as an opportunity for significant gains. Analysts like Santini argue that these fluctuations are normal precursors to major rallies. However, DOGE has seen $9.2 million in liquidations, with an evenly divided split between long and short positions. This reflects the uncertainty among all DOGE traders and investors.
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Source: http://www.cryptonewsz.com
