In the past month, Dogecoin (DOGE), a popular meme coin, has seen a significant drop in value, nearly one-third of its previous price. A report from Crypto News Flash suggests that although Dogecoin's long-term outlook is still positive, there are fears of further declines in the near future.
Dogecoin Whale Transfers Hundreds of Millions of DOGE
This concern is not without reason, because a massive sell-off by owners of large coins, or known as 'whales' has the potential to affect the market. Whale Alert, a crypto whale tracking service, has detected two large transfers of Dogecoin to Coinbase made by two different wallets.
The first transfer amounted to 228.1 million DOGE, with a value of $34.34 million (approximately Rp558.33 billion), and the second transfer amounted to 228.725 million DOGE, with a value of $34.435 million (approximately Rp559.87 billion). These two transfers occurred almost simultaneously, leading to speculation that both transactions came from the same entity.
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Whale Sales Potential
The wallets have been storing Dogecoin since last year and have now sent all the tokens they have to exchanges. This sparked speculation that there might be a massive sale by the big owner.
DOGE's Value Performance in 3 Months is Still Positive
Despite Dogecoin's recent decline, it has shown a rise of 91% in the last three months and 68% so far this year. Many analysts remain optimistic and predict that Dogecoin will experience a price surge in the near future.
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DOGE Price Prediction According to Analysts
An analyst known as 'southofearth' has mapped out the projected price pattern for Dogecoin, drawing parallels with Bitcoin's previous post-halving performance. The analyst predicts that Dogecoin could reach a price of $27 (around Rp438,885) in the short term next year.
On the other hand, the analyst also stressed that the crypto market is currently more volatile than previous cycles, with faster market movements and four-year cycles that may become shorter. He expects Dogecoin to set a new record by October this year, according to the chart presented.
Conclusion
It is important to remember that the crypto market is still volatile and full of speculation. The recent price increase and speculation related to the meme coin Dogecoin shows both risks and potential for investors, but investors need to do thorough research and understand the risks.
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How to Buy Crypto on Bittime
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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
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Monitor the price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
DogeDay: The World's Largest Dogecoin (DOGE) Celebration
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Helium (HNT) Becomes the Best Altcoin to Buy Now? The price reaches 50%
BONKKILLER: A Trillion-Dollar Solana Memecoin That Turned Out to Be a Trap!
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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