GET 10% OFF ON YOUR FIRST ORDER. FOR A LIMITED TIME ONLY. Use code: WELCOME on checkout

Dogecoin Whales Buy $112 Million Worth Of DOGE As Crypto Investors Turn Their Attention To Meme Coins

Dogecoin (DOGE) has come under the spotlight, with crypto investors looking to have turned their attention to the foremost meme coin. This development is expected to positively impact the meme coin, which has lagged for a while now. 

Dogecoin Whales Accumulate 700 Million DOGE

Crypto analyst Ali Martinez revealed in an X (formerly Twitter) post that DOGE whales have bought over 700 million DOGE ($112 million) in the past 72 hours. This forms part of the current trend with crypto investors turning their attention to meme coins. 

Trading firm QCP Capital confirmed this trend in a recent market update, stating that traders are “shifting their focus to higher beta meme tokens like Shiba Inu (SHIBA), Dogecoin (DOGE), and Pepe (PEPE). The trading firm also claimed that these meme coins are “polling in the top 10 for open interest” with Shiba Inu and Pepe recording double-digit gains these past few days. 

These investors are also believed to have accumulated DOGE in anticipation of imminent price gains for the foremost meme coin. Dogecoin has lagged compared to the top meme coins, which have made significant runs in the last seven days. This suggests that the meme coin will likely make a run of its own soon enough. 

Crypto expert Michael van de Poppe labeled Dogecoin as the “safe bet to have in this cycle” while noting that the “meme coin fiesta” is still on with tokens like Dogwifhat. BONK, FLOKI, and Book of Meme (BOME) “waking up intensively.” Van de Poppe further claimed that Dogecoin is the “easiest play of them all” even though it isn’t moving yet. 

In a more recent X post, Van de Poppe again claimed that Dogecoin “is such an easy play.” he predicted that the meme coin would record a massive breakout and might reach $1 in this market cycle. 

In a recent X post, Martinez also suggested that a parabolic surge was on the horizon for Dogecoin. He stated that the market sentiment for Dogecoin is as bearish as it was in early February, just before the meme coin’s price surged by 200%. 

Why Dogecoin Is One Of The ‘Lowest Risk Trades’ 

Crypto analyst Altcoin Sherpa mentioned that Dogecoin’s rise to $0.40 is “one of the lowest risk trades this cycle.” The analyst outlined reasons why they hold this belief. Firstly, Altcoin Sherpa stated that retail investors will eventually accumulate as much Dogecoin as they can, which will cause it to experience such price surge. 

Secondly, the analyst made reference to the world’s richest man, Elon Musk, and his fondness for the meme coin and stated that “all it takes is one retarded Elon tweet to blow it (Dogecoin) up.” The analyst added that Dogecoin has “great liquidity/low downside relative to other memes.”

Featured image from Getty Images, chart from TradingView

Latest Press

post-thumbnail
News
2 hours ago
Venezuela’s Bitcoin Mining Crisis: Government Actions and Potential Gas-Powered Solutions
Venezuelan Bitcoin miners halt operations as government disconnects power, citing strain on national...
READ MORE
post-thumbnail
News
2 hours ago
Solana Faces Bearish Pressure Despite Bullish On-Chain Metrics: What’s Next for SOL’s Price?
The post Solana Faces Bearish Pressure Despite Bullish On-Chain Metrics: What’s Next for SOL’s P...
READ MORE
default post thumbnail
News
2 hours ago
DOGE To The Moon: This Dogecoin Metric Just Turned Bullish For The First Time Since 2020
Dogecoin (DOGE) is again in the spotlight as the foremost meme coin could be ready for takeoff. This...
READ MORE
default post thumbnail
News
2 hours ago
Lido (LDO) Poised For Explosive Surge To $17, Expert Forecasts ‘Massive Breakout’
Lido Finance, the liquid staking protocol for the Ethereum (ETH) network, has experienced significan...
READ MORE
default post thumbnail
News
2 hours ago
Curve Founder Faces Massive Blow As CRV Price Dives 40%, Multi-Million Dollar Liquidations
A sudden and dramatic crash in the value of Curve Finance’s native token, CRV, has resulted in sub...
READ MORE
default post thumbnail
News
2 hours ago
Analyst Predicts 35% Jump For Bitcoin In Next Step Of ‘Magic Bands’
Despite the price crash after rising to $69,000, the Bitcoin price remains in the game, with bulls c...
READ MORE
default post thumbnail
News
2 hours ago
Bitcoin Stuck: Here Are 2 Things That Must Happen For BTC To Break $72,000
At spot rates, Bitcoin is firm, but traders doubt the uptrend following the unexpected dump on June ...
READ MORE
default post thumbnail
News
2 hours ago
Memecoin Fight: DADDY Surpasses MOTHER Despite Insider Trading Activity Allegations
The celebrity memecoin mania has added a new player with the recently launched Daddy Tate (DADDY). T...
READ MORE
post-thumbnail
News
2 hours ago
These Altcoin Projects Have Raised the Most Capital in 2024
In 2024, several altcoin projects have secured substantial funding, showcasing growing investor conf...
READ MORE
default post thumbnail
News
2 hours ago
Paxos Reportedly Downsizes Workforce by 20%: Details
Stablecoin issuing company Paxos has laid off 20% of its workforce, decreasing its employee count by...
READ MORE

Publish an article now

Unlock the power of media for instant visibility to the target audience, major SEO boost, greater website traffic and conversion rates.

click here to get started