Dogecoin Whale Buys 140 Million DOGE, 30% Increase Predicted Soon

ittime - The cryptocurrency market was shocked again by big action from big investors known as Dogecoin "whales". In the last 24 hours, they purchased up to 140 million DOGE tokens, which has sparked high expectations for the potential price increase of this cryptocurrency.

Dogecoin Whales Buy Surge

According to on-chain data shared by crypto analyst Ali Martinez, these large investors are seen accumulating very significant amounts of Dogecoin. This massive purchase shows the growing interest in DOGE, which creates positive sentiment among traders and investors.

Factors Driving Optimism: Elon Musk's Launch of X Money

One of the main factors driving this optimism is Elon Musk's launch of the X Money payment system. This system is planned to be integrated with the X platform and will support various types of cryptocurrencies, including Bitcoin, Dogecoin, as well as stablecoins such as Tether (USDT). Although there has been no official statement, speculation is growing that Dogecoin will play an important role in the payment ecosystem, further strengthening market enthusiasm.

DOGE Price Fluctuations

In the last 24 hours, the price of Dogecoin has fluctuated, moving between a low of $0.3763 ​​to a high of $0.3891. Despite this, DOGE managed to register a moderate gain of around 2%, reaching $0.3861.

Read also: The Right Time to Buy BABYDOGE at Low Prices

Potential Increase in Dogecoin Price

Analysts from CoinGape assess that Dogecoin is currently still undervalued, even though the price has jumped more than 365% since last September. The Z-score that compares market value relative to actual value shows that DOGE price remains below its true potential, which opens up opportunities for further growth.

Based on existing technical indicators, many analysts estimate that Dogecoin has the potential to experience a price increase of up to 30% in the near future. This prediction is driven by strong market sentiment, further fueled by massive accumulation by whales and speculation surrounding Elon Musk's X Money platform.

Read also: BABYDOGE and Katana Inu Collaborate to Launch Exclusive NFT Collection

Prospects for Further Increases

If this trend continues, Dogecoin has the potential to continue to record significant price increases. With further developments related to the X Money platform and the increasing number of large investors involved, DOGE has a great opportunity to make higher profits in a relatively short time.

FAQs about Dogecoin (DOGE)

What do "whales" mean in Dogecoin? 

“Whales” refer to large investors who own large amounts of Dogecoin. They can influence the price of DOGE with large buying or selling actions.

Why can the price of Dogecoin increase? 

The price of Dogecoin may rise due to massive accumulation by large investors, speculation about the use of DOGE in new payment platforms such as X Money by Elon Musk, as well as positive sentiment in the crypto market.

Does Dogecoin still have the potential to climb higher? 

Many analysts believe that Dogecoin is still undervalued and has the potential to experience further price increases, especially with support from large investors and new technological developments such as X Money.

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Reference

The Crypto Times, Dogecoin Whales Buy 140 million DOGE, 30% Gains Expected Soon, accessed January 7, 2025.

Author: MF