Dogecoin, a popular meme cryptocurrency, has made a comeback in the world of digital assets today. It has received a lot of attention in the broader cryptocurrency market because there have been significant transfers of a large amount of Dogecoin by large investors, known as whales. At the same time, the price of Dogecoin dropped a bit. This article is all about the Dogecoin price prediction and will the DOGE price rise to $1 in 2024. Let’s look at this in more detail.
Dogecoin whales move 438 million DOGE
People interested in the cryptocurrency market pay a lot of attention to these big deals. According to the data on these transactions, more than 438 million Dogecoin were moved around in the last day. Despite the price drop, it seems that more people are becoming positive about Dogecoin’s future, and there may be a price increase soon.
According to Whale Alert, a platform that tracks cryptocurrency movements, there have been two large transfers of DOGE (Dogecoin) in the last 24 hours, moving a total of 438.28 million coins.
One transfer involved an unknown wallet sending 71 million DOGE to Robinhood, a California-based exchange. The value of the coins sent to Robinhood was $6.39 million.
The second transfer involves the movement of 367.06 million DOGE, worth $33.62 million, between two unknown wallets. The first wallet sent the coins to another wallet address.
Dogecoin Price Prediction: How has the DOGE price moved in recent days?
As of now, the price of Dogecoin is $0.092544, and it had a trading volume of $1.22 billion in the last 24 hours. The market cap of Dogecoin is $13.18 billion, and its market dominance is 0.78%. Over the past day, the price of DOGE has fallen by -0.64%.
Dogecoin’s highest price ever was on May 8, 2021 and reached $0.738595. Its lowest recorded price was on May 7, 2015, at $0.00008547. After reaching its peak, the lowest price since then was $0.049701 (cycle low), and the highest was $0.156883 (cycle high). Currently, the sentiment for Dogecoin’s price forecast is neutral, and the Fear & Greed Index indicates a level of 73, representing greed.
The circulating supply of Dogecoin is currently 142.40 billion DOGE. The annual supply inflation rate is 7.34%, which resulted in the creation of 9.73 billion DOGE in the past year. In terms of market cap, Dogecoin is ranked #2 in the Proof of Work coin sector, #1 in the Meme coin sector and #8 in the Layer 1 sector.
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Dogecoin Price Prediction: Will the DOGE Price Rise to $1 in 2024?
When we say “Dogecoin Whales Move 438 Million DOGE,” it means that large holders of Dogecoin, often referred to as “whales” because of the significant amount of coins they own, have moved a total of 438 million Dogecoins.
As for the impact on the Dogecoin price, it is not always easy to predict because people move coins for various reasons. However, big deals like this can sometimes affect the market. If these whales sell their Dogecoins, this could lead to a decrease in overall demand, potentially causing the price to drop. On the other hand, if they move coins to another wallet for holding or other purposes, it may not have an immediate impact on the price.
The meaning behind these transfers can vary. Whales may reshuffle their portfolios, take profits or make strategic moves based on their assessment of the market. It is important to note that cryptocurrency markets can be affected by a variety of factors, including investor sentiment, market trends and broader economic conditions.
In terms of what could happen, the Dogecoin price could experience short-term fluctuations. Traders and investors may react to the news of such significant transactions, leading to buying or selling activity. However, the long-term impact depends on the broader market dynamics and the motivations behind the whale deals.
It’s always a good idea to keep an eye on market trends, news and overall sentiment to better understand the potential implications of big deals like this in the world of cryptocurrencies.
In the past year, Dogecoin has shown a notable performance, with a significant increase of 24% in its price. This positive trend is further emphasized by the fact that it is currently trading above its 200-day simple moving average, a key technical indicator that indicates potential bullish momentum.
In the past 30 days, Dogecoin has experienced 18 green days, accounting for 60% of the observed period, indicating a prevailing positive sentiment among investors. Its high liquidity, evident from its significant market capitalization, underscores its appeal as a widely traded cryptocurrency.
However, it is important to note that despite its overall success, Dogecoin still remains down 87% from its all-time high, suggesting potential room for recovery. Additionally, Dogecoin has outperformed 75% of the top 100 crypto assets over the past year.
On the downside, it outperforms the more prominent cryptocurrencies, Bitcoin and Ethereum. Dogecoin’s annual inflation rate of 7.34% is an important metric to monitor as it reflects the rate at which new coins are introduced into circulation, potentially affecting its long-term value.
Considering these factors, Dogecoin is predicted to have a price range between $0.077441 as the yearly high and $0.399832 as the yearly low in 2024. This forecast indicates potential volatility in the Dogecoin market throughout the year, with the bottom representing a possible support level and the higher point indicating a potential high.
From just $0.005 on January 1, 2021, the coin rose to $0.1715 by December 31 of the same year. This rapid growth suggests that, given the right conditions, Dogecoin has the potential to reach $1. However, this may not materialize in the near future, especially if the crypto market experiences a long period of decline, often referred to as a “crypto winter.”
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