Memecoins
Dogecoin Whales Buy $112M worth of DOGE as Crypto Investors Turn to Meme Coins – TradingView News
Dogecoin (DOGE) is in the spotlight as crypto investors look to turn their attention to the leading coin. This development is expected to have a positive impact on the meme coin, which has been lagging for some time now.
Dogecoin whales accumulate 700 million DOGE
Crypto analyst Ali Martinez revealed in a post on X (formerly Twitter) that DOGE whales purchased over 700 million DOGE ($112 million) in the last 72 hours. This is part of the current trend of crypto investors turning to meme coins.
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Trading firm QCP Capital confirmed this trend in a recent market update, stating that traders are “focusing on higher beta meme tokens like Shiba Inu (SHIBA), Dogecoin (DOGE), and Pepe (PEPE) . The trading company also claimed that these meme coins “were in the top 10 open interest,” with Shiba Inu and Pepe seeing double-digit gains in recent days.
These investors are also believed to have been accumulating DOGE in anticipation of imminent price gains for the leading coin. Dogecoin is lagging behind major coins, which have made significant runs over the past seven days. This suggests that the meme coin will likely make its own rise soon enough.
Crypto expert Michael van de Poppe called Dogecoin “a safe bet to have in this cycle” while noting that the “coin party” is still alive with tokens like Dogwifhat. BONK, FLOKI and Book of Meme (BOME) “wake up intensely”. Van de Poppe further claimed that Dogecoin is “the simplest game of all” even though it is not moving yet.
In a more recent X article, Van de Poppe again claimed that Dogecoin “is such an easy game.” he predicted that the meme coin would record a massive breakout and could hit $1 during this market cycle.
In a recent X article, Martinez also suggested that a parabolic surge was on the horizon for Dogecoin. He said market sentiment for Dogecoin is as bearish as it was in early February, just before the meme coin’s price increased by 200%.
Why Dogecoin is one of the “least risky transactions”
Altcoin crypto analyst Sherpa mentioned that Dogecoin’s rise to $0.40 is “one of the least risky trades of this cycle.” The analyst explained the reasons why they have this belief. First, Altcoin Sherpa said that retail investors will end up accumulating as much Dogecoin as possible, leading to such a price surge.
Second, the analyst referenced the world’s richest man, Elon Musk, and his fondness for the meme coin and said that “all it takes is one delayed tweet from Elon to blow it up ( Dogecoin). The analyst added that Dogecoin has “high liquidity/low downside compared to other memes.”
Featured image from Getty Images, chart from TradingView