Dogecoin Nears $0.20 Amid Increased Whale Activity: Can the DOGE Price Rally Even More?
TL;DR
- Dogecoin’s price soared over 35% in a week, outperforming major cryptocurrencies in trading volume.
- The surge coincides with a substantial DOGE transfer initiated by a mysterious whale.
The cryptocurrency market has rebounded in the past week, with Dogecoin (DOGE) among the best performers. Its price has jumped by over 35% on a 7-day scale, reaching almost $0.20.
Additionally, DOGE surpassed several rivals on different fronts. For example, the trading volume generated by the biggest meme coin in the last 24 hours exceeded $3.6 billion. Solana (SOL), Ripple (XRP), and Binance Coin (BNB) are trailing behind with $3.5 billion, $1.8 billion, and $1.7 billion, respectively.
Dogecoin’s resurgence coincides with increased activity from large investors. Whale Alert revealed the case of one mysterious person (or entity) who transferred over 1 billion DOGE (worth more than 180 million at current rates) to an unknown wallet.
Numerous X users commenting on the post shared optimism that the move might be a precursor of a significant price pump. Others wondered who this mysterious whale could be, with some suggestions pointing out to Elon Musk.
Tesla’s CEO is an outspoken proponent of the meme coin and a HODLer. Earlier this month, he hinted that his EV giant might accept DOGE as a payment method “at some point.” He also promised to continue supporting the asset, adding “Dogecoin to the Moon.”
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Some analysts have recently outlined optimistic price predictions for the token. DonAlt was among the biggest bulls, maintaining that “it isn’t too unlikely for Dogecoin to go to $1” based on how it is trading against Bitcoin.
DOGE is not the only meme coin to have performed quite well as of late. Shiba Inu (SHIB) is up 20% weekly, while the Solana-based dogwifhat (WIF) has soared by 42% for the same period.
Those willing to learn more about the different meme coins, their specifics, and related risks, feel free to check our dedicated video below:
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