Dogecoin Price Analysis: DOGE Witnesses Whales Accumulating Tokens in Anticipation of a Major Rally
The price of Dogecoin has experienced a 2% increase in the past 24 hours, reaching $0.1131, while the overall crypto market has seen a 1% gain today.
Over the past week, DOGE has risen by 1.5% and 7%, and over the last 12 months, it has surged by 92%.
This recent increase in price coincides with a surge in whale trading activity, as indicated by a 1,645% spike in the large holders netflow metric.
This suggests that whales are taking advantage of the current discount on Dogecoin, which could potentially lead to significant price increases for the altcoin.
Dogecoin’s price outlook appears promising as it shows signs of gaining momentum after a period of decline. The 30-period moving average has surpassed the 200-period average, forming a golden cross, which typically indicates a period of strong growth.
Additionally, the relative strength index has risen from 40 to over 60, indicating further potential for growth.
The renewed bullishness can be attributed to the activity of whales, who play a significant role in the movement of meme tokens. In the case of Dogecoin, whales have capitalized on its relative weakness and purchased it at a lower price.
Data from IntoTheBlock reveals that the coin’s Large Holders Netflix metric has surged from 22.35 million DOGE to 367 million DOGE, its highest level since early September. This suggests that Dogecoin is poised for a strong end to October after experiencing a significant drop at the beginning of the month.
It is high time for DOGE to experience a substantial rebound, considering it is still down by 84% from its all-time high in May 2021.
Furthermore, the increasing number of active addresses supports the notion that interest in the meme coin is growing.
Additional bullishness may arise if the Federal Reserve announces further rate cuts before the year’s end, a possibility that many experts anticipate.
In such a scenario, the Dogecoin price could potentially reach $0.15 by the end of November and close the year at around $0.20.
While Dogecoin has underperformed recently, some traders may turn their attention to newer meme coins that have the potential to outperform the market.
One such coin is Crypto All-Stars (STARS), an Ethereum-based token that has raised over $2.2 million in its sale.
Crypto All-Stars stands out by offering a “MemeVault” storage protocol where holders of any meme token can stake their funds. This is made possible through the use of the ERC-1155 multi-token standard, which can tokenize any cryptocurrency, including non-Ethereum-based coins.
This creates a significant market opportunity for the project, and the fact that users who stake meme coins with the protocol will receive higher rewards if they hold more STARS tokens is particularly bullish.
There is an opportunity for latecomers to participate in the sale of STARS on the official Crypto All-Stars website, with the current price of 1 STARS at $0.0015007. The price is expected to increase multiple times before the sale ends and the token lists on exchanges.
Given the growing popularity of Crypto All-Stars, it has the potential for a significant surge once it goes live.
Disclaimer: Cryptocurrencies are high-risk assets, and this article is for informational purposes only and does not constitute investment advice. There is a possibility of losing all invested capital.
