DOGE is up 14% in a week, though the market’s largest memecoin is actually down 20% in a month.

However, its rise today comes amid recent signs that whales have been accumulating the memecoin, with one large trader withdrawing $19 million in DOGE from Robinhood alone in one transfer.

This could lead to further gains in the coming days as the market heads into what looks like a busy weekend.

Dogecoin Price Prediction: Whales Accumulate More DOGE – What’s Next?

DOGE’s chart gives the impression that the coin has just started an upswing that is likely to continue for at least a few more days before running out of steam.

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Most notably, its 30-day MA (orange) just crossed above its 200-day MA (blue), forming a golden cross that could signal a breakout.

This all happened while Dogecoin’s relative strength index (purple) was hovering between 50 and 70, just one day after it fell below 30.

As such, it looks like traders are in for a period of short-term strength for the coin, with transfer and ownership data suggesting that whales have been reaccumulating the token.

Not only have we seen some large Dogecoin purchases, but the data also shows that the percentage of the total DOGE supply held by whales has risen this week.

🚨 120,000,000 #DOGE (18,097,831 USD) transferred from#Robinhoodtounknown wallethttps://t.co/KNChEN3268

— Whale Alert (@whale_alert) May 9, 2024

In particular, addresses holding between 100 million and 1 billion DOGE now hold 21% of the token’s entire circulating supply, up from 20.75% a week ago.

This is a small change in percentage terms, but it highlights how whales are taking advantage of low prices to buy DOGE on the cheap.

Therefore, they are ready to profit if the price of Dogecoin rises in the coming days and weeks.

And it could see more gains along with the broader market, which looks ready to recover in the near term after a period of selling.

More generally, Dogecoin has potential in the long term because of the possibility that X could introduce digital payments on its platform, including using DOGE for payments.

If this does happen, DOGE could reach $0.5 by the end of the year.

New Dogecoin Competitor Shows Strong Upside Potential

Dogecoin will likely remain one of the biggest meme coins on the market for the foreseeable future, but it’s certainly not the only such coin with huge potential right now.

In fact, a wave of new memecoins have emerged in recent months, and the best of them look poised to outperform the market.

A good example is Dogeverse (DOGEVERSE), a cross-chain multi-chain memecoin that raised over $15 million in its token offering.

As the first cross-chain dog-themed meme token on the market, DOGEVERSE will run on the following networks: Ethereum, Polygon, BNB Chain, Solana, Avalanche, and Base.

Due to its compatibility with these chains, it may gain greater traction than as a single-chain token.

It is likely to find use and adoption across multiple applications and trading platforms, which will increase its price over time.

What could also boost its price is that its total supply is capped at 120 million tokens, making it deflationary in the long term.

Also boosting the price is its staking system, which, by incentivizing holders to earn a yield, will cause a large portion of the supply to leave circulation.

All this makes DOGEVERSE look very promising, and newcomers can participate in its sale on the official Dogeverse website.

DOGEVERSE has reached its final presale price of $0.00031 and hopes to surpass this level after listing in the coming weeks.