Dogecoin Price Prediction As DOGE Whale Moves Millions Of Tokens To Unknown Wallet – What Happens?
Dogecoin has barely moved over the past 24 hours, with the current price of $0.088410 representing a 7.5% increase over the past week. It also marks a 2% increase over the past month, with DOGE benefiting during this period from Elon Musk continuing to make cryptic allusions to the meme token.
The Dogecoin price has barely reacted so far to reports yesterday that over $2.75 million worth of tokens were transferred from multiple addresses to a single wallet. This could represent a whale preparing to sell its holdings in dogecoin, and other whales have also moved large amounts of the token in recent weeks.
Dogecoin Price Prediction As DOGE Whale Moves Millions Of Tokens To Unknown Wallet – What Happens?
DOGE’s indicators look quite promising, although they can be interpreted either way at the moment. Its relative strength index (purple) has risen above 50 after falling to 40 earlier in the month, a sign that it is on the way back.
On the other hand, the coin’s 30-day moving average (red) has stopped climbing above its 200-day (blue), signaling that it may be due for a fall.
This suspicion is supported to some extent by recent whale activity. Yesterday, a major holder moved 31,158,390 DOGE (now worth around $2.75 million) from multiple addresses to a single wallet.
So far, this amount of DOGE has not moved, but transfers from other whales in recent days are raising fears that larger investors may be preparing for a selloff. For example, the last four hours have seen a similar set of transfersworth around 2.5 million dollars.
Perhaps even more alarmingly, yesterday there was also a DOGE transfer worth over $5 million, where the dogecoin in question moved from a top-20 wallet to an unknown wallet.
It gets even worse, because on February 17, a wallet that had lain dormant for over two years DOGE worth $28 million also moved to a new address.
While this can only remain speculation for now, it is entirely possible that larger investors are preparing to sell. In fact, DOGE’s indicators are in the right position for a loss, while the broader market’s gains over the past week or so have lost momentum.
Although DOGE should fall from its current position of $0.08841, it remains set up for renewed gains in the future. This is largely due to Elon Musk, who continues to be a vocal supporter of the meme token.
For example, last week the Tesla and Twitter owner saw reference to Dogecoin in a viral tweet by his Shiba Inu dog, Floki.
Likewise, he also attended Super Bowl LVII in a Dogecoin t-shirt, with the founder alongside Fox Corp. and News Corp. owner Rupert Murdoch.
Such stunts feed everyone’s expectations that sooner or later Twitter will introduce dogecoin payments. Such expectations reached a new intensity a few weeks ago, then Financial Times ran an article reporting that the social network was pushing ahead with its digital payment plans, and that it had even applied for regulatory licenses across the US.
Given Elon Musk’s long-standing support for dogecoin — as well as hints last year that he might consider introducing DOGE payments — this news lends some credence to claims that dogecoin will eventually be a payment option on Twitter.
Of course, the latest report didn’t explicitly mention DOGE, so it’s still anyone’s guess whether Musk’s vague hint will become a reality. If they do, there’s no doubt that DOGE will rally massively, perhaps reaching full numbers a few weeks after a hypothetical Twitter integration.
For now, however, a more realistic target for 2023 would be somewhere near $0.13, as suggested by a recent report from crypto exchange Changelly. And while this is hardly headline-grabbing, it will provide a gain of 47% from today’s level.
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High potential alternatives to Dogecoin
While DOGE may not be increasing yet, there are other high-potential crypto projects that may be more promising in the short term (as well as the longer term). Accordingly, we have reviewed the top 15 cryptocurrencies for 2023, as analyzed by CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.
