Home NewsMemecoins Is Dogecoin Going to $1? Whales Buy Big, Pushing Price Up! (2024 Update)

Is Dogecoin Going to $1? Whales Buy Big, Pushing Price Up! (2024 Update)

by dave
3 minutes read

Dogecoin on the Rise: Whales Dive In, Price Shoots Up!

Dogecoin (DOGE), the popular meme coin based on a Shiba Inu dog, had a fantastic week! Over the past seven days, DOGE trading went crazy, with way more coins being bought and sold than usual. This buying frenzy helped push the price of DOGE up over 18%, much better than Bitcoin and other major cryptocurrencies.

Wow! Such Price Increase!

But what caused this price jump? Well, it looks like big-time crypto investors, known as whales, were jumping on the DOGE bandwagon. Experts who track cryptocurrency activity (called on-chain data) noticed a surge in whale buying. According to analyst Ali Martinez, these whales bought a whopping 1.4 billion DOGE coins, worth about $280 million, over the last two weeks!

Whales Filling Their Bags

Imagine giant suitcases, but instead of clothes, they’re filled with Dogecoin! A chart shared by Ali Martinez showed that wallets belonging to these whales, holding between 10 million and 100 million DOGE, have been steadily adding to their piles of coins since mid-March. This buying spree helped increase the total amount of DOGE these whales hold to a whopping 16.7 billion coins! That’s the most DOGE whales have ever added in a two-week period, even going back to the crazy crypto boom of 2021!

What’s Next for Dogecoin?

The chart also showed something interesting: as the whales loaded up on DOGE, the price went up too. This connection between whale activity and price movement is a common pattern in the world of cryptocurrency. On top of that, excitement around DOGE is growing, with the amount of money people are willing to bet on future price changes (called open interest) reaching a record high of $2.2 billion!

Bitcoin Takes a Breather

For comparison, Bitcoin, the most famous cryptocurrency, is currently priced around $70,000.

DOGE Price Pullback, But Future Looks Bright

While Dogecoin has dipped a bit since reaching the $0.22 mark, it’s still up almost 19% for the week. Right now, one DOGE costs about $0.21. Analysts are optimistic about DOGE’s future, especially if the whales keep buying. Some even say DOGE could reach $1 before the current boom period in cryptocurrencies ends!

Hurdle to Jump: The $0.22 Resistance

There’s one challenge DOGE faces though: a price hurdle at $0.22. If DOGE can overcome this resistance level and keep climbing, it could be smooth sailing towards $0.35.

Holders Hoping to Break Even

It’s important to note that a lot of people (over 600,000!) bought DOGE when it was much more expensive, around $0.35. These folks are waiting for the price to go back up so they can sell their DOGE and not lose money. If DOGE reaches $0.35 again, some of these holders might sell, which could affect the price.

Overall, the outlook for Dogecoin seems positive. With new investors entering the market and big-time whales buying large amounts of DOGE, the short-term future looks bright!

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