Dogecoin price is down 1% today to $0.085902 over the past 24-hours as the broader crypto market is down almost 2%. This level means that Meme Token is up 2.5% in the past week, but down 7% in a fortnight and 3% in the last 30 days.
The activity for DOGE comes as its 24-hour trading volume crossed $600 million, a figure that has actually risen to $1 billion this morning. However, while some holders may be hoping that whales are returning to the cryptocurrency, the available evidence suggests that large traders may be preparing to sell.
Dogecoin Price Prediction as $600 Million Trading Volume – Are Whales Buying?
The indicators for DOGE do not paint an entirely encouraging picture at the moment, given that they indicate further short-term losses. The relative strength index (purple) of the coin has fallen below 50 over the past few hours, which means it has plenty of room to fall before becoming oversold.
Conversely, DOGE’s 30-day moving average (red) has stabilized with respect to its 200-day (blue), which means the coin may be on the verge of further declines.
Considering that there has been an increase in trading volumes over the past day, further price movements may indeed be imminent. And some observers have commented that at least some whales have resumed accumulating DOGE, following their recent losses.
However, while there is some evidence of accumulation, there appears to be more evidence of whales moving DOGE to exchanges in preparation for sales. For example, a large holder moved 60 million DOGE (about $5 million) to Coinbase in the past few hours.
There have been several other examples of whales moving DOGE over the past few days. Specifically, February 17th saw a wallet that had been inactive for over two years move $28 million worth of DOGE to a new address.
Other recent examples include movements 31.1 million DOGE, 28 million doge, 60 million doge, 60.3 million DOGE, 10.2 million DOGE, and so on. While such transfers may be related to individuals consolidating their holdings, they raise the possibility that many whales are preparing to sell.
This would fit with DOGE’s decline since early February, and it is likely that further declines could follow in the near future.
That said, the more distant future still looks good for DOGE. And as always, the main reason for this is Elon Musk, with Tesla and Twitter being Dogecoin’s most visible and vocal supporters.
Recent examples of Musk lending DOGE to his supporters include A viral tweet posted last week Of his Shiba Inu dog, Floki, a tweet that caused a momentary uproar. Similarly, he also attended Super Bowl LVII while decked out in a Dogecoin T-shirt, something that was probably watched by millions of people (including Fox owner Rupert Murdoch, whom he was set next to).
While these stunts may seem trivial, they all lend credence to the ongoing expectation that Twitter will sooner or later introduce Dogecoin payments.
fueled such hopes recently financial Times Article This shows that Twitter is moving ahead with its digital payments plans. also fed by hinted last year that it might consider launching DOGE payments On Twitter, however, there has been no explicit mention of meme tokens in recent reports.
Thus, there remains a real if unproven possibility that DOGE could benefit from some huge adoption news in the near future. If this happens, there will be a huge increase in its price, possibly returning to its all-time high of $0.731578 in May 2021.
In the here and now, more sober analysts may propose a 2023 target of $0.13 for DOGE, as suggested by A recent report from crypto-exchange Changelly, If DOGE can make it to this level, it will undoubtedly set the stage for further gains to come, especially if the global economy and broader markets turn more bullish.
Dogecoin Alternatives
While DOGE may not be due for a massive rally right now, there are other high-potential crypto projects out there that could be more promising in the short term (as well as the long term). We’ve compiled them in this list of the top 15 cryptocurrencies for 2023, as analyzed by… crypto news Industry Talk Team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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