What is the fate of Dogecoin (DOGE)? After a $56 million transfer by whales, can it reach the $3 mark?
Dogecoin whales transferred 146 million DOGE, sparking speculation about a significant price increase during market fluctuations. In the current bull market, DOGE could soar to $3, with a long-term goal of reaching $18. DOGE has broken through the symmetrical triangle pattern and is expected to rise by 50% to $0.65.
The price of Dogecoin (DOGE) has been on a bearish trend in the past 24 hours, dropping from an intraday high of $0.424 to an intraday low of $0.3668.
As of the time of writing, the DOGE price is $0.3934, down 6.15% from the 24-hour high. During this decline, whales have been actively transferring large amounts of DOGE, sparking speculation about a potential price increase.
In the past few hours, the phenomenon of large-scale Dogecoin transfers has attracted the attention of many market participants. Whale Alert reports show that a transfer of over 61 million DOGE, worth approximately $23.5 million, was made from an anonymous wallet to the Robinhood platform.
Following this, a transfer of nearly 85.4 million DOGE, valued at about $32.9 million, occurred. These large transfers took place amidst a backdrop of high market interest, likely heralding significant price changes for Dogecoin.
In the cryptocurrency market, the actions of 'whales' are often seen as a potential indicator of market fluctuations, especially when such large sums flow into exchanges. Traders and investors may closely monitor these transfer activities, speculating whether they will signal the start of a price rise.
As large market participants adjust their positions, the volatility of Dogecoin's price is likely to increase significantly, leading to potentially sharp price fluctuations in the coming days.
Dogecoin is currently still in the early stages of the bull market cycle. In this round of the bull market, there is a possibility for its price to climb to $3, with a long-term perspective suggesting it could even rise to $18.
