Dog-themed cryptocurrency Dogecoin (DOGE) is seeing significant activity as 2024 draws to a close. In the last 24 hours, a whopping $258 million worth of Dogecoin were shifted, catching the attention of the crypto community.
Within the last 24 hours, two transactions totaling 816 million DOGE worth $258 million were reported by blockchain data tracker Whale Alert. The transactions were as follows: 466.8 million DOGE was transferred in one transaction, and 350 million DOGE moved about an hour later in a separate transaction. Both transactions occurred between unknown wallets.
Whale Alert reports: 350,000,000 DOGE worth $109,962,192 and 466,890,148 DOGE worth $149,137,073 transferred from unknown wallet to unknown wallet.
While the purpose of the 816 million DOGE shift remains unknown, a few potential explanations might be likely.
Such movements might indicate activity from Dogecoin whales, referred to as large holders or entities holding significant amounts of DOGE.
Transfers between unknown wallets often spark speculation about their purpose, from preparations for trading or private sales to OTC (over-the-counter) trading that occurs outside of an exchange or merely the reshuffling of funds.
Dogecoin to hit $1 in 2025?
As 2024 ends, several predictions have emerged for the cryptocurrency market. Along these lines, Galaxy Research released its Crypto Predictions for 2025, including its projections for Bitcoin and Ether’s prices, both Dogecoin and D.O.G.E., stablecoins, DeFi, L2s, policy, VC and others.
Galaxy research predicts that Dogecoin will finally hit $1, with the world’s largest and oldest meme coin touching a $100 billion market cap.
At the time of writing, Dogecoin was down 0.39% in the last 24 hours to $0.32, reflecting the lackluster sentiment on the market in the final hours of 2024. If Dogecoin rebounds past $0.34, it may attempt a rise to the 50-day SMA at $0.382, where sellers are expected to stage a robust defense.
Currently, Dogecoin has managed to stay above the $0.30 level. If the market fails to advance higher, the bears may sell off again. If the $0.30 level gives way, Dogecoin may fall to $0.27 and eventually to $0.23.
