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A major Dogecoin whale recently made two large transfers totaling over 178 million DOGE, worth approximately $31.6 million. The transactions suggest a huge DOGE accumulation. Thus, crypto analysts expect a potential surge to the $0.2 level.
Dogecoin Whale Accumulates 178 Million Tokens
The above-mentioned transactions by the Dogecoin whale involved 75.2 million DOGE, valued at $13.4 million, from Robinhood, a popular crypto exchange. Just before this transfer, they accumulated 103 million DOGE worth $18.3 million from Robinhood, according to Whale Alert data.
This massive transfer has stirred interest within the DOGE community, as Dogecoin whale activity can often indicate upcoming price shifts. Currently, Dogecoin price is trading up 17.19%, at $0.177.
🚨 103,069,813 #DOGE (18,252,008 USD) transferred from #Robinhood to unknown wallethttps://t.co/0gq8omGn9e
— Whale Alert (@whale_alert) October 29, 2024
Such price action has led to speculation that the recent whale activity may be influencing the surge. Moves of this scale by large holders can often signal potential changes, as they may have insights or strategies that impact market sentiment and liquidity.
What’s Next for DOGE Price?
Crypto analysts foresee a surge to the $0.2 level for Dogecoin price if the current momentum persists. In case, DOGE price breaks out from the $0.18 mark, it could lay the stage for a rally to $0.2 in the short-term with ambitious targets of $0.5 and $1 in the long-term.
While some are optimistic about Dogecoin’s potential to reach the $0.02 level, others urge caution. Some analysts noted that the whale could sell if prices rise, potentially causing a downturn.
The community is closely monitoring the wallet for further transactions, as additional large movements could reveal more about the whale’s intentions. For now, this activity highlights DOGE’s ability to generate volatility, even amidst broader market conditions.
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