2024-6-1 17:00 |
Dogecoin (DOGE) has come under the spotlight, with crypto investors looking to have turned their attention to the foremost meme coin. This development is expected to positively impact the meme coin, which has lagged for a while now.
Dogecoin Whales Accumulate 700 Million DOGECrypto analyst Ali Martinez revealed in an X (formerly Twitter) post that DOGE whales have bought over 700 million DOGE ($112 million) in the past 72 hours. This forms part of the current trend with crypto investors turning their attention to meme coins.
Trading firm QCP Capital confirmed this trend in a recent market update, stating that traders are “shifting their focus to higher beta meme tokens like Shiba Inu (SHIBA), Dogecoin (DOGE), and Pepe (PEPE). The trading firm also claimed that these meme coins are “polling in the top 10 for open interest” with Shiba Inu and Pepe recording double-digit gains these past few days.
These investors are also believed to have accumulated DOGE in anticipation of imminent price gains for the foremost meme coin. Dogecoin has lagged compared to the top meme coins, which have made significant runs in the last seven days. This suggests that the meme coin will likely make a run of its own soon enough.
Crypto expert Michael van de Poppe labeled Dogecoin as the “safe bet to have in this cycle” while noting that the “meme coin fiesta” is still on with tokens like Dogwifhat. BONK, FLOKI, and Book of Meme (BOME) “waking up intensively.” Van de Poppe further claimed that Dogecoin is the “easiest play of them all” even though it isn’t moving yet.
In a more recent X post, Van de Poppe again claimed that Dogecoin “is such an easy play.” he predicted that the meme coin would record a massive breakout and might reach $1 in this market cycle.
In a recent X post, Martinez also suggested that a parabolic surge was on the horizon for Dogecoin. He stated that the market sentiment for Dogecoin is as bearish as it was in early February, just before the meme coin’s price surged by 200%.
Why Dogecoin Is One Of The ‘Lowest Risk Trades’Crypto analyst Altcoin Sherpa mentioned that Dogecoin’s rise to $0.40 is “one of the lowest risk trades this cycle.” The analyst outlined reasons why they hold this belief. Firstly, Altcoin Sherpa stated that retail investors will eventually accumulate as much Dogecoin as they can, which will cause it to experience such price surge.
Secondly, the analyst made reference to the world’s richest man, Elon Musk, and his fondness for the meme coin and stated that “all it takes is one retarded Elon tweet to blow it (Dogecoin) up.” The analyst added that Dogecoin has “great liquidity/low downside relative to other memes.”
Featured image from Getty Images, chart from TradingView
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