The Dogecoin (DOGE) network has been making headlines over the past few days for its impeccable growth. During this period, some investors were happy to see the meme coin gain some momentum in its network. However, some others realized the further growth potential of Dogecoin and decided to make a large purchase.
Did This Dogecoin Whale Dive Too Early?
Whale Alert, a blockchain tracking tool that monitors significant cryptocurrency transactions, has discovered a Dogecoin transaction from the well-known trading app Robinhood. According to the company, a crypto whale withdrew a staggering 200,000,000 DOGE, equivalent to $45,746,453.
In addition, it was discovered that the money was also transferred to an unknown blockchain wallet named -1pMke. This wallet currently has 30,237,003,292 Dogecoins, worth $6,891,315,420.
The notable transaction was made when the price of Dogecoin was just above $0.20. Since then, Dogecoin has seen a massive surge. Over the past seven days, the OG meme coin has gained more than 80%. Dogecoin even hit a high of $0.42. This further suggests that whales entered the market at the right time.
At press time, Dogecoin is trading at $0.3732, down 9% in the past 24 hours. Quite a few in the market are shocked by this price plunge. This is because Donald Trump appointed Elon Musk to lead the “Department of Government Efficiency” (DOGE for short) earlier today. Some others believe that the latest downtrend is just a correction and that DOGE has the potential to see a significant rise.
November Price Prediction
It looks like the aforementioned whales will continue to profit throughout the month. According to CoinCodex, Dogecoin is expected to reach a peak price of $0.389 in the second half of November. The average trading price of the meme coin will remain at $0.36.
