Dogecoin whales continue their buying spree, accumulating millions of tokens, sparking optimism about Dogecoin’s future rise to $3.
Despite today’s pullback in Dogecoin, Dogecoin whales are still on a buying spree, fueling market speculation. A top cryptocurrency market expert highlighted that Dogecoin whales have accumulated over $55 million of the top meme coin in the past 24 hours, which shows that investor confidence is growing. That being said, many in the digital asset space, especially the meme coin space, expect a breakout in cryptocurrencies.
Dogecoin whales earn millions, sparking optimism
The top meme coin has seen strong gains over the past few days amidst the overall positive sentiment in the cryptocurrency market. During this period, Dogecoin whales have accumulated millions of coins, indicating their growing confidence in the market.
According to a recent post by Ali Martinez, a well-known cryptocurrency market expert on X, DOGE whales have made profits of 140 million coins yesterday alone. These transfers are worth about $56 million and have sparked market discussions about further price increases for the meme coin.
In addition, another report from Lookonchain showed that this week, a Dogecoin whale sold all his SPX holdings and switched to buying DOGE. The report said that the whale sold 10.6 million SPX, making a profit of about $920,000 and a profit of $6.2 million. He then spent another $6.2 million to buy 13.95 million Dogecoins, which are currently worth about $4.88 million.
Such a large-scale accumulation caused him to lose about $1.33 million. Nevertheless, it also shows that investors are increasingly confident in the future trend of meme coins.
Will DOGE hit $3 next?
Aside from the Dogecoin whales, it seems that many are now turning their attention to the digital asset space, especially the meme coin space. Notably, interest has increased after Elon Musk was named the head of the Department of Government Efficiency (DOGE) to cut excessive federal spending.
The abbreviation of the department is similar to the stock code of Dogecoin, which has attracted the interest of investors. In addition, Musk has previously actively expressed his support for Dogecoin on the X platform, which has also attracted the interest of investors.
However, despite the positive sentiment, the cryptocurrency market has retreated today, with Bitcoin prices retreating from all-time highs. In addition, several other top altcoins and meme coins are also under pressure, as can be seen from their recent performance.
As of writing, DOGE price is down more than 6% today, trading at $0.3726, while its daily trading volume is down 31% to $14.88. In the past 24 hours, the leading meme coin hit a high of $0.4147. Notably, the cryptocurrency’s weekly gains reached 89%, while in the past 30 days, the gains are around 200%.
However, Dogecoin futures open interest fell more than 3% today, suggesting that investors’ risk appetite is waning. Nevertheless, recent Dogecoin price analysis suggests the cryptocurrency could rise to $3, sparking market interest.
