In a sudden flurry of activity, deep-pocketed investors in Dogecoin (DOGE) have swiftly transferred hundreds of millions of dollars’ worth of the viral meme cryptocurrency within the past 24 hours.
The latest data from Whale Alert, a platform that tracks large-scale transactions, reveals that affluent DOGE traders have executed approximately $335 million in transactions involving this dog-themed digital asset over the past day.
Notably, out of the seven noteworthy transactions detected by Whale Alert, which shared a similar characteristic, only one fell below the impressive $48 million threshold. These significant movements of funds highlight the substantial influence wielded by these high-net-worth individuals in the DOGE market.
Adding to the conversation surrounding Dogecoin’s future trajectory, well-known crypto analyst Nicholas Merten, renowned for hosting DataDash, has recently made a prediction. Merten suggests that Dogecoin will eventually hit its lowest point by the end of 2023 or possibly sometime in 2024, acting as a catalyst for a fresh rally. However, he cautions traders to anticipate a decline in DOGE’s value to a range between $0.035 and $0.025 before the trend reverses.
As of now, Dogecoin is currently trading at $0.062, reflecting a 1.66% decrease within the past 24 hours. This slight dip demonstrates the ongoing volatility of the market as investors closely monitor the movements and decisions of these influential Dogecoin whales.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.