Dogecoin Whales Buy 140 million DOGE, 30% Gains Expected Soon

Dogecoin Whale Activity Fuels Market Optimism

In a significant move, large investors known as "Dogecoin whales" have recently accumulated a substantial amount of the digital asset. Within a 24-hour span, they purchased an astonishing 140 million DOGE tokens.

This surge in buying activity has generated positive sentiment within the market, particularly given its potential impact on the price of Dogecoin. On-chain data analyzed by crypto analyst Ali Martinez indicates that these major investors are amassing significant quantities of Dogecoin, signaling a growing interest in the asset.

Elon Musk's X Money System and Dogecoin

One key factor contributing to this optimism is the upcoming launch of X Money, a payment system integrated into Elon Musk's X platform. The system is anticipated to support cryptocurrencies including Bitcoin, Dogecoin, and stablecoins like Tether (USDT).

Although official confirmation is pending, speculation suggests that Dogecoin may play a prominent role in the payment system, fueling further excitement among investors.

Price Predictions and Market Sentiment

As a result of this whale accumulation and the developments surrounding Musk's X platform, investors anticipate a potential increase in Dogecoin's price, particularly if overall market conditions remain favorable.

Currently, Dogecoin has experienced a modest increase of approximately 2%, reaching $0.3861. The price has oscillated between a low of $0.3763 and a high of $0.3891 within the past 24 hours.

According to a CoinGape analysis, Dogecoin remains undervalued despite its remarkable 365% surge since September. The market value-to-relative-value z-score implies that the current price is still below its potential, suggesting further growth prospects, especially given the ongoing whale buying.

Based on technical indicators, some analysts predict a possible 30% price increase for Dogecoin in the near future. This expectation stems from the overall market's strong sentiment, fueled by both whale accumulation and speculation around Elon Musk's X Money platform.