A major Dogecoin whale recently made two large transfers totaling over 178 million DOGE (equivalent to approximately $31.6 million). The transaction suggests huge DOGE accumulation. Therefore, cryptocurrency analysts expect that it could rise to the $0.2 level.
Dogecoin Whale accumulates 178 million tokens
The above transaction by the Dogecoin whale involved 75.2 million DOGE, worth $13.4 million, from Robinhood, a popular cryptocurrency exchange. Just prior to this move, they accumulated 103 million DOGE worth $18.3 million from Robinhood, according to Whale Alert data.
This large-scale transfer has sparked interest within the DOGE community, as Dogecoin whale activity could be indicative of upcoming price movements. Currently, Dogecoin price has increased by 17.19% and is trading at $0.177.
🚨 103,069,813 #Doge Transferred from (18,252,008 USD) #Robinhood To unknown wallet https://t.co/0gq8omGn9e
— Whale Alert (@whale_alert) October 29, 2024
These price trends have led to speculation that recent whale activity may be contributing to the price hike. Movements of this magnitude by large holders often signal potential changes, as they may have insights and strategies that influence market sentiment and liquidity.
What’s next for DOGE Price?
Cryptocurrency analysts expect Dogecoin’s price to soar to the $0.2 level if current momentum continues. If DOGE price breaks through the $0.18 mark, it could rise to $0.2 in the short term, with ambitious targets of $0.5 and $1 in the long term.
While some are optimistic about Dogecoin’s chances of reaching $0.02 levels, others are cautioning caution. Some analysts said higher prices could lead to whales being sold and triggering an economic downturn.
The community is closely monitoring wallets for further transactions, as further large-scale movements could reveal more about the whale’s intentions. For now, this activity highlights DOGE’s ability to generate volatility even within broader market conditions.
Also read: DOGE soars 16% as Golden Cross and celebrity hype ignites rally
