The price of Dogecoin (DOGE) rose to $0.33, with a 3.4% increase in the past 24 hours. In the context of Bitcoin's price breaking $98,000, a large number of whales purchased 270 million DOGE in 96 hours, indicating a correlation between DOGE and Bitcoin. Market analyst Javier Santini predicts that Dogecoin could potentially break $4 in the short term, despite the recent 35% price drop. 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 in the previous 96 hours.
This comes as Bitcoin experiences a 'Santa Claus rally' on the eve of Christmas, with its price breaking $98,000. This indicates a strong correlation between DOGE and Bitcoin.
Whales have 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 soaring prices, 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 sustained correction phase, sparking discussion.
This cryptocurrency analyst explains that corrections (such as the current 35% drop from the recent high of $0.48) are a natural part of market cycles. Santini noted that these cooling phases typically last about a month before triggering a rebound.
If this prediction holds true, the current price of about $0.33 for DOGE could experience an unprecedented growth of over 1,168%.
Another expert supports the $4 prediction, even forecasting a potential rise to $4.20. He attributes this confidence to DOGE's 1,000-day accumulation pattern, which shows strong potential support for the largest meme coin.
Despite the excitement, the volatility of meme coins continues to polarize investors. While some view its erratic 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 major rebounds.
However, the liquidation amount for DOGE is $9.2 million, with long and short positions each accounting for half. This reflects the uncertainty of all DOGE traders and investors.
