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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 3.4% hike in the last 24 hours, following the accumulation of an astonishing 270 million DOGE tokens in the last 96 hours. This remarkable development comes amid the so-called “Santa rally” in Bitcoin ahead of Christmas Eve, which has pushed the cryptocurrency beyond $98,000. The correlation between DOGE and Bitcoin is strong, indicating that both assets are interconnected.
As seen on social media, notable whales have acquired a massive 270 million DOGE tokens over a brief period. This extraordinary accumulation has triggered an upward trajectory in the market price of DOGE, causing it to reach $0.33.
Market analysts are now debating whether Dogecoin can continue its impressive run and potentially cross the $4 mark. One expert, Javier Santini, founder of Elemento Cripto, has sparked conversations with his bold prediction that the memecoin could reach $4 within a week after its ongoing correction phase. According to Santini, corrections, such as the current 35% dip from its recent high of $0.48, are an integral part of the natural market cycle. He explained that these cool-off phases typically last about a month before triggering a rally. If this prediction holds, DOGE, now priced at approximately $0.33, could experience an unprecedented growth of over 1,168%.
Another expert has corroborated the $4 prediction and even forecasts a potential rise to $4.20. He attributes this confidence to DOGE’s 1,000-day accumulation pattern, which demonstrates strong underlying support for the biggest memecoin.
Despite the growing excitement surrounding Dogecoin, its volatility remains a subject of debate among investors. While some view these fluctuations as a risk, others see them as an opportunity for substantial gains. Analysts like Santini argue that these price movements are normal precursors to significant rallies. However, DOGE has seen $9.2 million in liquidations, evenly divided between long and short positions, which reflects the uncertainty among all DOGE traders and investors.
The market is abuzz with discussion surrounding Dogecoin’s potential future performance.
Source: http://www.cryptonewsz.com
