Dogecoin, a popular meme cryptocurrency, made a comeback in the digital assets world today. It gained a lot of attention in the broader cryptocurrency market because there were significant transfers of a large amount of Dogecoin by big investors, known as whales. At the same time, the price of Dogecoin dropped a bit. This article is all about the Dogecoin price prediction and will the DOGE price rise to $1 in 2024. Let’s take a look at this in more detail.
Dogecoin Whales Move 438 Million DOGE
People who are interested in the cryptocurrency market pay close attention to these big transactions. According to the data about these transactions, over 438 million Dogecoin were moved around in the past day. Despite the price dip, it looks like more people are becoming positive about Dogecoin’s future, and there might be a price increase soon.
According to Whale Alert, a platform that tracks cryptocurrency movements, there were two big transfers of DOGE (Dogecoin) in the last 24 hours, moving a total of 438.28 million coins.
One transfer involved an unknown wallet sending 71 million DOGE to Robinhood, a California-based exchange. The value of the coins sent to Robinhood was $6.39 million.
The second transfer involved the movement of 367.06 million DOGE, worth $33.62 million, between two unknown wallets. The first wallet sent the coins to another wallet address.
Dogecoin Price Prediction: How has the DOGE price moved in recent days?
As of now, the price of Dogecoin is $0.092544, and it has had a trading volume of $1.22 billion in the last 24 hours. The market cap of Dogecoin is $13.18 billion, and its market dominance is 0.78%. Over the past day, the price of DOGE has decreased by -0.64%.
Dogecoin’s highest price ever was on May 8, 2021, reaching $0.738595. Its lowest recorded price was on May 7, 2015, at $0.00008547. After reaching its all-time high, the lowest price since then was $0.049701 (cycle low), and the highest was $0.156883 (cycle high). Currently, the sentiment for Dogecoin’s price prediction is neutral, and the Fear & Greed Index is indicating a level of 73, which represents greed.
The circulating supply of Dogecoin is currently 142.40 billion DOGE. The yearly supply inflation rate is 7.34%, resulting in the creation of 9.73 billion DOGE in the last year. In terms of market cap, Dogecoin is ranked #2 in the Proof-of-Work Coins sector, #1 in the Meme Coins sector, and #8 in the Layer 1 sector.
Dogecoin Price Prediction: Will the DOGE Price Rise to $1 in 2024?
When we say “Dogecoin Whales Move 438 Million DOGE,” it means that large holders of Dogecoin, often referred to as “whales” due to the significant amount of coins they own, have transferred a total of 438 million Dogecoins.
As for the impact on the Dogecoin price, it’s not always easy to predict because people move coins for various reasons. However, large transactions like these can sometimes influence the market. If these whales are selling their Dogecoins, it might lead to a decrease in the overall demand, potentially causing the price to go down. On the other hand, if they are moving coins to a different wallet for holding or other purposes, it might not have an immediate impact on the price.
The meaning behind these transfers can vary. Whales might be reshuffling their portfolios, taking profits, or making strategic moves based on their assessment of the market. It’s essential to note that cryptocurrency markets can be influenced by a variety of factors, including investor sentiment, market trends, and broader economic conditions.
In terms of what can happen, the Dogecoin price could experience short-term fluctuations. Traders and investors might react to the news of such significant transactions, leading to buying or selling activity. However, the long-term impact depends on the broader market dynamics and the motivations behind the whale transactions.
It’s always a good idea to keep an eye on market trends, news, and overall sentiment to better understand the potential implications of large transactions like these in the world of cryptocurrencies.
Over the past year, Dogecoin has exhibited a noteworthy performance, witnessing a substantial 24% increase in its price. This positive trend is further emphasized by the fact that it is currently trading above its 200-day simple moving average, a key technical indicator signaling a potential bullish momentum.
In the last 30 days, Dogecoin has experienced 18 green days, accounting for 60% of the observed period, indicating a prevailing positive sentiment among investors. Its high liquidity, evident from its significant market capitalization, underscores its appeal as a widely traded cryptocurrency.
However, it’s important to note that despite its overall success, Dogecoin remains down by 87% from its all-time high, suggesting potential room for recovery. Additionally, Dogecoin has been outperformed by 75% of the top 100 crypto assets over the past year.
On the downside, it has been outperformed by the more prominent cryptocurrencies, Bitcoin and Ethereum. The yearly inflation rate of Dogecoin at 7.34% is a crucial metric to monitor, as it reflects the rate at which new coins are introduced into circulation, potentially impacting its long-term value.
Considering these factors, in 2024, Dogecoin is predicted to have a price range between $0.077441 as the yearly high and $0.399832 as the yearly low. This forecast suggests potential volatility in the Dogecoin market throughout the year, with the lower end representing a possible support level and the higher end indicating a potential peak.
Starting at just $0.005 on January 1, 2021, the coin surged to $0.1715 by December 31 of the same year. This rapid growth suggests that, given the right conditions, Dogecoin has the potential to reach $1. However, this might not materialize in the near future, especially if the crypto market experiences a prolonged period of decline, often referred to as a “crypto winter.”
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