Dogecoin Price Rises, Crypto Whale Buys 400 Million DOGE

Bittime - Price Dogecoin (DOGE), the world's largest meme coin by market capitalization, has just broken through its two-week consolidation mark below an important support level. 

This price spike occurred ahead of the inauguration of the former President of the United States, Donald Trump, on January 20 2024. The main catalyst for this price movement was the big action of a whale, who recently transferred 400 million DOGE, worth around $144.97 million (Rp. 2 .35 trillion), from Binance to an unidentified wallet.

According to data from Whale Alert, this large transaction occurred just as DOGE managed to break out of the consolidation zone, indicating that interest in this meme coin is increasing. 

Additionally, data from blockchain analytics firm Coinglass shows that in the last 24 hours, DOGE experienced outflows worth $35.35 million (Rp. 572 billion) from crypto exchanges. 

This indicates that there is a high possibility that investors will take advantage of the price increase, after buying DOGE for some time when the market falls in December 2024.

Dogecoin Price Prediction

Technically, DOGE shows a fairly strong bullish trend after successfully breaking through the consolidation zone. Analysts estimate that DOGE prices can continue this upward momentum and potentially reach a price of $0.47 (Rp. 7,634) in the next few days, an increase of around 22% from the current price of $0.382 (Rp. 6,019). 

The Relative Strength Index (RSI) indicator also shows that DOGE still has room to continue rising, even though it has experienced a surge of more than 12% in the last 24 hours with trading volume increasing rapidly by 95%.

With various factors supporting this memecoin, especially increasing trading volume and significant whale action, many believe DOGE can continue this upward trend. 

FAQ 

Will Dogecoin Prices Rise?
Technically, DOGE price movements show a bullish trend after breaking through the consolidation phase. This means that Dogecoin has the potential to rise.

DOGE What Coin?

Dogecoin or DOGE is the largest memecoin and the first in the crypto industry created by Jackson Palmer and Billy Markus.

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Reference

CoinPedia, Whale bought $145 million Dogecoin, Accessed January 4, 2025

CoinMarketCap, Dogecoin, Accessed January 4, 2025.