Significant Activity for Dogecoin at the End of 2024
Dogecoin (DOGE), the dog-themed cryptocurrency, is experiencing notable activity as 2024 comes to a close. Over the past 24 hours, transactions worth a total of $258 million have captured the attention of the crypto community.
Two Major Transactions Totaling 816 Million DOGE
Blockchain tracker Whale Alert reported two large transactions involving a total of 816 million DOGE:
466.8 million DOGE worth $149,137,073 in a single transaction,
350 million DOGE worth $109,962,192 in another transaction about an hour later.
Both transactions occurred between unknown wallets, sparking speculation about their purpose.
Possible Reasons for DOGE Transfers
The purpose of these transfers remains unclear, but several theories could explain them:
Whale Activity: These transactions may involve large DOGE holders, often referred to as "whales."
Preparation for Trading: Transfers between unknown wallets could signal preparations for trading, private sales, or over-the-counter (OTC) deals.
Funds Reorganization: It might also involve internal redistribution of funds.
Could Dogecoin Reach $1 in 2025?
As 2024 ends, various predictions for the cryptocurrency market are emerging. According to Galaxy Research, Dogecoin could finally reach $1 in 2025, giving it a market capitalization of $100 billion. This milestone would mark a significant achievement for the oldest and most recognized meme coin.
Dogecoin's Current Market Performance
Currently, Dogecoin is trading at $0.32, reflecting a daily decrease of 0.39%. The market sentiment remains muted, typical for the final hours of the year.
If DOGE manages to break above $0.34, it could target the 50-day SMA at $0.382, where strong resistance from sellers is expected. Conversely, if the price falls below $0.30, DOGE may decline further to $0.27 and possibly to $0.23.
Conclusion
Dogecoin is ending 2024 with significant transactions and high expectations for 2025. While reaching $1 would be a historic milestone, current market movements indicate mixed sentiment. Key levels to watch include $0.34 and $0.30, as breaking above or below these points will determine the next direction for DOGE's price.
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