Dogecoin (DOGE) price rose to $0.33, with a 3.4% increase in the past 24 hours. Against the backdrop of Bitcoin's price breaking $98,000, a large number of whales purchased 270 million DOGE in 96 hours, showing a correlation between DOGE and Bitcoin. Market analyst Javier Santini predicts that Dogecoin could potentially break $4 in the short term, despite a recent drop of 35%. Although meme coins are highly volatile, some analysts believe this volatility is a precursor to a rebound, but the current liquidation amount of $9.2 million reflects market uncertainty.
The largest meme token, Dogecoin, surged to $0.33, rising 3.4% in the past 24 hours after accumulating 270 million DOGE tokens over the last 96 hours.
This is during the 'Santa Claus rally' when Bitcoin price broke $98,000 on the eve of Christmas Eve. This indicates a strong correlation between DOGE and Bitcoin.
Whales purchased 270 million #Dogecoin $DOGE in the past 96 hours pic.twitter.com/b86lCyGDsr
— Ali (@ali_charts) December 24, 2024
Will Dogecoin break the $4 barrier?
In the prediction of price surges, Dogecoin has caught the attention of analysts and investors. Javier Santini, founder of Elemento Cripto and market analyst, boldly predicts that memecoin could reach $4 within a week after a prolonged adjustment phase, sparking discussion.
The cryptocurrency analyst explains that corrections (such as the current drop of 35% from the recent high of $0.48) are part of a natural market cycle. Santini noted that these calming phases usually last for about a month before a rebound occurs.
If this prediction holds true, the current price of around $0.33 for DOGE could experience an unprecedented increase of over 1,168%.
Another expert supports the $4 prediction and even forecasts it could rise to $4.20. He attributes this confidence to DOGE's 1,000-day accumulation pattern. This pattern shows strong potential support for the largest meme coin.
Despite the excitement, the volatility of meme coins still polarizes investors. While some view its unstable behavior as a risk, others see it as an opportunity for significant gains. Analysts like Santini believe that this volatility is a normal precursor to a major rebound.
However, the liquidation amount for DOGE is $9.2 million, with long and short positions each accounting for half. This reflects the uncertainty among all DOGE traders and investors.
