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Dogecoin Whales Buy $112 Million in DOGE as Crypto Investors Turn Their Attention to Meme Coins – TradingView News
Dogecoin (DOGE) is under the spotlight as crypto investors look to turn their attention to the top meme coin. This development is expected to have a positive impact on the meme coin, which has been delayed for some time.
Dogecoin whales accumulate 700 million DOGE
Crypto analyst Ali Martinez revealed in a post on X (formerly Twitter) that DOGE whales purchased over 700 million DOGE ($112 million) in the last 72 hours. This is part of the current trend as crypto investors turn their attention to meme coins.
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Trading firm QCP Capital confirmed this trend in a recent market update, stating that traders are “shifting their focus to higher beta meme tokens such as Shiba Inu (SHIBA), Dogecoin (DOGE) and Pepe (PEPE). The trading firm also stated that these meme coins are “in the top 10 in terms of open interest,” with Shiba Inu and Pepe recording double-digit gains in recent days.
These investors are also believed to have accumulated DOGE in anticipation of the leading meme coin’s imminent price gains. Dogecoin has lagged compared to top meme coins, which have seen significant runs over the past seven days. This suggests that the meme coin will likely start working on its own soon.
Crypto expert Michael van de Poppe has labeled Dogecoin the “safe bet this cycle” while noting that the “meme coin party” is still going on with tokens like Dogwifhat. BONK, FLOKI and Book of Meme (BOME) “waking up intensely”. Van de Poppe further stated that Dogecoin is the “easiest game ever”, although it is not yet on the move.
In a more recent X post, Van de Poppe again stated that Dogecoin “is a very easy play.” he predicted that the meme coin would see a major breakout and could reach $1 this market cycle.
In a recent post on X, Martinez also suggested that a parabolic rise was on the horizon for Dogecoin. He stated that market sentiment for Dogecoin is as pessimistic as it was in early February, just before the meme coin’s price rose 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 described the 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 a price increase.
Secondly, the analyst made reference to the richest man in the world, Elon Musk, and his fondness for the meme currency and stated that “all it takes is one retarded tweet from Elon 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