It has been a bit quieter around Dogecoin (DOGE) lately. The memecoin has been hovering around $0.31 for a while, reaching a local peak of almost $0.48 in early December. Yet the disappointing performance does not seem to deter the so-called whales.
On the contrary: they buy more tokens. According to data from crypto analyst Ali Martinez, shared via X, these major investors bought a total of 300 million DOGE worth $94 million.
Whales continue to accumulate
The purchases took place during the holidays, a period when the crypto market is usually quiet. This follows an earlier transaction where investors with smaller portfolios acquired 270 million DOGE. Whale activity is often seen as an indicator of future price movements because these big players have access to advanced market information and strategies that smaller investors do not have.
Whales’ confidence in an asset, such as Dogecoin, can be a strong signal. They often operate with a long-term view and accumulate assets at relatively low prices, expecting them to increase significantly in value in the future. Their recent purchases suggest they are optimistic about DOGE’s chances in the coming months.
DOGE price expectations
According to crypto analyst Javon Marks, Dogecoin is in for a spectacular recovery. He predicts an upside of as much as 630%, with a price target of $2.28. Despite a recent 46% decline, Marks remains optimistic and sees this correction as temporary.
Other analysts share this optimism. Javier Santini predicts a price of $4, while Ali Martinez even sees potential for a valuation of $18, if all factors turn out positive. Historically, Dogecoin has shown similar price patterns in previous market cycles, such as 2017 and 2021, resulting in impressive rallies.
Conclusion
Although Dogecoin is currently relatively cheaply valued, continued whale activity and optimistic analyst expectations indicate that the memecoin could surprise again in the coming months. Whether the predicted spectacle will become reality remains to be seen, but the signals are positive.
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Source: https://newsbit.nl/dogecoin-koers-stagneert-maar-whales-kopen-massaal-in-voorbode-van-een-nieuwe-rally/
