Dogecoin Whales Buy $112 Million Worth Of DOGE As Crypto Investors Turn Their Attention To Meme Coins
June 01 2024 - 10:00AM
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Dogecoin (DOGE) has come under the spotlight, with crypto investors
looking to have turned their attention to the foremost meme coin.
This development is expected to positively impact the meme coin,
which has lagged for a while now. Related Reading: Ethereum
Bloodbath: Over $55 Million In Longs Liquidated As Price Plummets
Dogecoin Whales Accumulate 700 Million DOGE Crypto analyst Ali
Martinez revealed in an X (formerly Twitter) post that DOGE whales
have bought over 700 million DOGE ($112 million) in the past 72
hours. This forms part of the current trend with crypto investors
turning their attention to meme coins. Trading firm QCP
Capital confirmed this trend in a recent market update, stating
that traders are “shifting their focus to higher beta meme tokens
like Shiba Inu (SHIBA), Dogecoin (DOGE), and Pepe (PEPE). The
trading firm also claimed that these meme coins are “polling in the
top 10 for open interest” with Shiba Inu and Pepe recording
double-digit gains these past few days. These investors are
also believed to have accumulated DOGE in anticipation of imminent
price gains for the foremost meme coin. Dogecoin has lagged
compared to the top meme coins, which have made significant runs in
the last seven days. This suggests that the meme coin will likely
make a run of its own soon enough. Crypto expert Michael van
de Poppe labeled Dogecoin as the “safe bet to have in this cycle”
while noting that the “meme coin fiesta” is still on with tokens
like Dogwifhat. BONK, FLOKI, and Book of Meme (BOME) “waking up
intensively.” Van de Poppe further claimed that Dogecoin is the
“easiest play of them all” even though it isn’t moving yet.
In a more recent X post, Van de Poppe again claimed that Dogecoin
“is such an easy play.” he predicted that the meme coin would
record a massive breakout and might reach $1 in this market
cycle. In a recent X post, Martinez also suggested that a
parabolic surge was on the horizon for Dogecoin. He stated that the
market sentiment for Dogecoin is as bearish as it was in early
February, just before the meme coin’s price surged by 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 outlined
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 price
surge. Related Reading: MATIC Under The Lens: Why Is Polygon
Busy But Not Making Money? Secondly, the analyst made reference to
the world’s richest man, Elon Musk, and his fondness for the meme
coin and stated that “all it takes is one retarded Elon tweet 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
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