The price of Dogecoin has increased by 3.5% in the past 24 hours, reaching $0.1515 as the overall cryptocurrency market sees a 2.5% rise. Dogecoin has gained 14% in a week, despite a 20% loss in the past month. Recent indications suggest that whales have been accumulating Dogecoin, with a significant transfer of $19 million in DOGE off Robinhood. This accumulation could lead to further gains in the coming days, setting up the market for a potentially busy weekend.
The chart for DOGE suggests that the coin is beginning an upswing that may last for a few days before losing momentum. The 30-day average is crossing over the 200-day average, forming a golden cross that often indicates a breakout. The relative strength index is also indicating short-term strength for the meme token. Transfer and ownership data suggest that whales have been re-accumulating the token, with the share of DOGE’s total supply held by whales increasing this week. This accumulation by whales could result in profits once the Dogecoin price rises in the near future, with the wider market also showing signs of recovery.
As Dogecoin remains a prominent meme token, a new rival called Dogeverse has shown strong potential for a rally in the market. Dogeverse, a multi-chain meme coin, has raised over $15 million in its token offering and will run on various networks including Ethereum, Polygon, BNB Chain, Solana, Avalanche, and Base. Its compatibility with multiple chains could lead to increased traction on different platforms, potentially boosting its price. With a hard cap of 120 million tokens and a staking system that incentivizes holders, Dogeverse appears promising to new investors. The token is available for purchase on the official Dogeverse website.
Despite the potential of Dogecoin and Dogeverse, investing in cryptocurrency carries high risk. The information provided in this article is for informational purposes only and should not be considered investment advice. It is important to be aware of the possibility of losing all capital when dealing with cryptocurrencies. Dogecoin’s long-term potential in relation to digital payments on a popular platform, as well as the accumulation by whales, suggests that there could be further gains in the market in the coming days and weeks. New meme coins like Dogeverse also show promise, with the ability to outperform the market and potentially increase in value over time.
In conclusion, Dogecoin’s recent price increase, along with indications of whale accumulation, suggest a positive trend for the meme token in the near future. The potential introduction of digital payments using DOGE on a popular platform could lead to even greater gains by the end of the year. Additionally, the emergence of new meme coins like Dogeverse presents investment opportunities for those looking to diversify their portfolio in the cryptocurrency market. It is crucial to conduct thorough research and consider the high-risk nature of investing in cryptocurrency before making any investment decisions.
