The on-chain activities of Dogecoin have reached a significant level as a large investor transfers 250 million DOGE to Robinhood and 83 million DOGE to a blockchain address.
An analyst has noticed a pattern from 2018 to 2021 that could potentially drive the price of Doge to $1.5.
Investors are anticipating the retesting and setting of a new all-time high record for Dogecoin as they wait for catalysts, which previously involved Elon Musk and his involvement with Tesla. In preparation for the upcoming Bitcoin halving, large investors are moving the asset in large quantities. One transaction, reported by Whale Alert, involved a staggering 250 million DOGE ($49 million) being transferred from an unknown wallet to the Robinhood trading platform. Shortly after, another significant sum of 83 million DOGE ($17.3 million) was moved to an unknown blockchain wallet. This has sparked speculation within the Doge community that these transactions may have been facilitated by Elon Musk.
Musk has shown a strong interest in Dogecoin, and his tweets have previously caused the price to reach an all-time high of $0.73 on May 8, 2021. These recent transactions have taken place at the same time Musk’s company reportedly obtained payment operation licenses in three additional US states. The Dogecoin community is eagerly awaiting the integration of their favorite meme coin on Musk’s social media platform, X.
The whale activities surrounding Dogecoin have been increasing. Following its 27-month high of $0.228, Doge has been on an upward trend. Analysts note that the asset has closely followed the price movement of Bitcoin. However, its rise to $0.2153 after a 6% daily surge indicates a bullish sentiment among investors. Currently, Doge has a seven-day return of 21% and has experienced a 1.27% surge in the past 24 hours, trading at $0.20. Interestingly, the recent purchases made by whales have largely influenced the weekly price movement.
Prior to the most recent whale transfer, whales had already acquired 1.4 billion DOGE worth $280 million in the past two weeks, bringing their total holdings to 16.7 billion DOGE. Whale wallets holding 10 million to 100 million DOGE tokens have consistently increased their holdings since March 15.
In terms of price analysis, it is worth noting that these whales are long-term investors whose positions could have a sustained impact on the asset’s price. Despite its weekly on-chain activities, the price of Doge is still 70% lower than its all-time high. Its market cap of $30 billion is significantly lower than the $75 billion recorded during the previous bull market peak. However, Doge has surpassed Avalanche (AVAX) and Cardano (ADA) to become the 8th largest coin. It is currently trailing behind USDC and XRP by $2 billion and $3 billion, respectively.
Ali Martinez, a prominent figure in the industry, has identified a pattern similar to Dogecoin’s price movement from 2018 to 2021. According to Martinez, the weekly price chart has formed a descending triangle pattern since the peak in May 2021. However, the asset has recently broken above the upper trendline of the triangle, indicating a rejection of the bearish sentiment typically associated with this pattern. In summary, if this prediction is confirmed, the price of Doge is expected to reach as high as $1.5.
Martinez expressed his belief that while other meme coins may be capturing the attention of investors, Dogecoin remains the most important altcoin in the market. From a technical perspective, DOGE appears to follow the 2018-2021 pattern, suggesting that it could be at the beginning of a massive parabolic bull run.
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