The accumulation of millions of tokens by Dogecoin whales has continued, and this has sparked optimism regarding the potential for DOGE to rally to $3.
Dogecoin whales are currently engaged in a buying spree even though the DOGE has experienced a decline today. This has given rise to market speculation. According to a prominent crypto market expert, the DOGE whales have amassed over $55 million of the most popular meme coins in the past 24 hours, suggesting that investors are becoming increasingly confident. Nevertheless, many individuals in the meme coin sector, including those in the digital assets space, are optimistic about the upcoming breakout of the crypto.
Millions are collected by Dogecoin whales, which inspires optimism
The broader crypto market has been characterized by positive sentiment, resulting in a significant rally in the top meme coins over the past few days. Amid this, Dogecoin whales have amassed millions of tokens, indicating their growing confidence in the market.
The DOGE whales acquired 140 million coins yesterday, as indicated by a recent X post by the renowned crypto market expert Ali Martinez. The transfers, estimated to be worth approximately $56 million, have sparked market speculation regarding the potential for a further increase in the meme coin’s price.
In addition, another report from Lookonchain indicated that a Dogecoin whale had sold all of his SPX holdings to increase his DOGE holdings this week. According to the report, the whale has sold 10.6 million SPX for $6.2 million, generating a profit of approximately $920K. After that, he spent $6.2 million to purchase 13.95 million Dogecoin, valued at roughly $4.88 million.
This substantial accumulation has caused him to incur a loss of approximately $1.33 million. Nevertheless, it demonstrates the investor’s increasing assurance regarding the meme coin’s future trajectory.
Will DOGE surpass $3 shortly?
In addition to the Dogecoin whales, many individuals are now directing their attention to the digital assets sector, particularly the meme coins segment. Elon Musk’s appointment to the Department of Government Efficiency (D.O.G.E.) to reduce excess Federal spending resulted in a significant increase in interest.
Investors have expressed enthusiasm for the department’s abbreviated name, which resembles the Dogecoin ticker. Additionally, Musk has previously expressed his endorsement of DOGE on the X platform, which has also piqued investors’ interest.
Nevertheless, the crypto market has experienced a decline today, with Bitcoin prices also retreating from their all-time high. The recent performances of numerous other top altcoins and meme coins have also been impacted by pressure.
At the time of this writing, the price of DOGE was $0.3726, a decrease of over 6%, and its one-day trading volume decreased by 31% to $14.88. The leading meme coin has reached a high of $0.4147 in the past 24 hours. It is worth noting that the cryptocurrency has experienced a weekly gain of 89% and has gained approximately 200% in the past 30 days.
Nevertheless, the Dogecoin Futures Open Interest decreased by over 3% today, suggesting that investors’ risk-bet appetite is diminishing. However, a recent Dogecoin price analysis indicates that the cryptocurrency may experience a rally, potentially reaching $3, which has piqued market interest.