Dogecoin has barely moved much in the past 24 hours, with its current price of $0.088410, representing a 7.5% increase over the past week. It also marks a 2% increase over the past month, a period in which DOGE has benefited from Elon Musk making cryptic signals for Meme Token.
Dogecoin price has hardly reacted so far to yesterday’s reports that over $2.75 million in the token was moved from multiple addresses to a single wallet. This may represent a whale that is preparing to sell its stake in Dogecoin, other whales have also moved large amounts of the coin in recent weeks.
Dogecoin Price Prediction As DOGE Whale Moves Millions Of Tokens To Unknown Wallet – What’s Going On?
The indicators for DOGE look quite promising, even though they can be interpreted both ways at the moment. Its Relative Strength Index (purple) has climbed above 50 after falling to the 40s at the beginning of the month, a sign that it is gaining some momentum.
On the other hand, the coin’s 30-day moving average (red) has stopped climbing above its 200-day (blue), indicating that it may be due for a decline.
This suspicion is somewhat supported by recent whale activity. Yesterday, a large holder moved 31,158,390 DOGE (now worth about $2.75 million) from multiple addresses to one wallet.
So far, this amount of DOGE has not moved, but transfers from other whales in recent days fuel fears that large investors may be preparing to sell. For example, Seen a similar set of transfers in the last four hoursWhich costs around $2.5 million.
Perhaps even more alarmingly, yesterday also saw a DOGE transfer worth over $5 million, with Dogecoin in question moving from a top-20 wallet to an unknown wallet.
It gets worse, as February 17th also saw a wallet that had been inactive for over two years move $28 million worth of DOGE to a new address.
While this can only remain speculation for now, it is entirely conceivable that large investors are preparing to sell. In fact, the indicators for DOGE are in the perfect position for losses, while the broader market’s gains from the past week have lost some of their momentum.
Even if DOGE declines from its current position at $0.08841, it looks set for renewed gains in the future. This is largely due to Elon Musk, who remains a vocal supporter of meme tokens.
For example, last week the owner of Tesla and Twitter referenced Dogecoin in a viral tweet from his Shiba Inu dog, Floki.
Similarly, he also attended Super Bowl LVII in a Dogecoin T-shirt, with the entrepreneur sitting next to Fox Corp and News Corp owner Rupert Murdoch.
Stunts like this all feed hopes that, sooner or later, Twitter will introduce Dogecoin payments. Such hopes reached a new intensity a few weeks ago, when the financial Times run an article reporting that the social network is ramping up its digital payments plans, and that it is applying for regulatory licenses across the US.
given Elon Musk’s longtime supporter of Dogecoin — as well as hinted last year that it might consider launching DOGE payments— This news lends some credibility to the claim that Dogecoin will eventually be a payment option on Twitter.
Of course, the most recent report doesn’t make any explicit mention of DOGE, so it’s anyone’s guess whether Musk’s vague hints will become a reality. If they do, DOGE will no doubt rally massively, perhaps reaching the full number a few weeks after some hypothetical Twitter integration.
For now, however, a more realistic target for 2023 would be somewhere closer to $0.13, as suggested by A recent report from crypto-exchange Changelly, And while it’s barely making headlines, it’ll post 47% gains from its current level.
High-Potential Alternatives to Dogecoin
While DOGE may not grow right now, there are other high-potential crypto projects out there that may be more promising in the short term (as well as the long term). Accordingly, we review 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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