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- Whales quickly acquired 60 million DOGE amid a brief market correction, highlighting significant investor interest.
- Analysts HornHairs and Kaleo predict strong future rallies for Dogecoin, with potential significant price surges.
In the middle of a temporary correction sweeping through major crypto exchanges, whales acted quickly, and accumulated cryptocurrencies at low prices, including Dogecoin (DOGE), the main memecoin.
In a tweet, on-chain analyst Ali Martinez shared a large buy action by Dogecoin whales, who acquired 60 million DOGE in the last 24 hours on Thursday, just as the token’s price fell by roughly 6.11% from its local high.
#Dogecoin whales have bought up over 60 million $DOGE in the last 24 hours! pic.twitter.com/53Z9gi0eFt
— Ali (@ali_charts) July 18, 2024
As of this writing, DOGE has rebounded, increasing 4.91% over the last 24 hours to $0.1257. This reflects a 15.79% increase over the last seven days.
High Potential Rally for Dogecoin
Meanwhile, popular analyst HornHairs has forecast an appealing climb for DOGE’s price, citing a high probability and excellent risk-reward ratio.
On the 3-day chart, HornHairs anticipates a DOGE rise to retest strong resistance levels at $0.30, established during the 2021 bull rally, and fill in an inefficient upmove. However, he cautions that if DOGE’s price goes below $0.10, this possibility should be ignored.
Previously, it was reported that Dogecoin was on track to hit 5.24 billion active addresses. The use of this meme token has been increasing in numerous states, which may lead to a price increase.
On another point, as we previously highlighted, Venezuela has turned to cryptocurrency due to exorbitant fees in traditional channels, with Dogecoin emerging as the market leader in the South American nation. Venezuela has been undergoing one of the most severe economic crises in recent years.
Aside from HornHair, several famous pundits are enthusiastic about Dogecoin’s future. According to analyst Kaleo, the current super cycle of memecoins has the potential to skyrocket DOGE prices, reaching $2 per coin.
This bullish sentiment is supported by increased usage and market characteristics that favor Dogecoin, despite the volatile nature of the crypto market.
