In a notable surge of activity, large-scale investors, often referred to as “Dogecoin whales,” have collectively purchased 140 million DOGE tokens within the past 24 hours. This significant accumulation has sparked growing optimism within the Dogecoin market, with many analysts forecasting a potential price increase in the near future.
On-chain data shared by crypto analyst Ali Martinez reveals the scale of these purchases, indicating a robust interest from deep-pocketed investors in Dogecoin. This sudden spike in demand has contributed to a shift in market sentiment, with traders and investors increasingly bullish on the cryptocurrency’s future.
A major catalyst behind this optimism is the anticipated launch of X Money, a new payment system being introduced by Elon Musk’s X platform. X Money is expected to support various cryptocurrencies, including Bitcoin, Dogecoin, and stablecoins like Tether (USDT). While no official statements have confirmed the specifics, speculation abounds that Dogecoin may play a key role in the system, further igniting investor excitement.
Currently, Dogecoin’s price has seen a modest uptick of approximately 2%, rising to $0.3861. Over the last 24 hours, the coin’s price has fluctuated between $0.3763 and $0.3891. Despite this increase, a recent CoinGape analysis suggests that Dogecoin remains undervalued, particularly considering the asset’s 365% rise since September.
The analysis points to the cryptocurrency’s relative market value as an indicator of its growth potential. According to the market’s z-score, Dogecoin’s current price is still below its projected value, suggesting further room for upward movement, particularly with ongoing whale activity.
In light of the positive market sentiment, technical indicators suggest that Dogecoin could see a 30% price gain in the near future. This prediction is buoyed by both the large-scale whale accumulation and the excitement surrounding the potential role of Dogecoin in Musk’s new payment ecosystem.
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