The price of Dogecoin is almost unchanged in the last 24 hours, its current price of $0.088410 represents a gain of 7.5% over the past week. It also marks a 2% gain over the past month, with DOGE benefiting over the period from Elon Musk continuing to make cryptic hints about the meme token.
Dogecoin’s price has so far shown little reaction to yesterday’s reports that more than $2.75 million in the token was transferred from multiple addresses to a single wallet. This could mean that the whale is preparing to sell its holdings in Dogecoin, and other whales have also moved large amounts of tokens in recent weeks.
Dogecoin Price Prediction As DOGE Whale Moves Millions Tokens To Unknown Wallet – What’s Happening?
The DOGE indicators look quite promising, even if they can be interpreted in both directions at the moment. Its relative strength index (purple) has risen above 50 after falling to 40 earlier in the month, suggesting it is regaining momentum.
On the other hand, the coin’s 30-day moving average (red) has stopped rising above its 200-day (blue), signaling that it may be bearish.
This suspicion is somewhat confirmed by recent whale activity. Yesterday, one large owner moved 31,158,390 DOGE (now worth about $2.75 million) from multiple addresses to a single wallet.
So far, that number of DOGEs has not changed, but transfers from other whales in recent days have fueled fears that larger investors may be preparing to sell off. For example, a similar set of transfers worth about $2.5 million took place in the last four hours.
Perhaps more worryingly, there was also a DOGE transfer of over $5 million yesterday, with the doggecoin in question moving from a top 20 wallet to an unknown wallet.
It gets even worse as on February 17th the wallet, which had been inactive for over two years, moved $28 million worth of DOGE to a new address.
While this may remain speculation for now, it is possible that larger investors are preparing to sell. Indeed, the DOGE indicators are in the right position for a loss, while the broader market’s rally over the past week or so has lost its momentum.
Even if DOGE is to fall from the current position of $0.08841, it remains set for a new rally in the future. This is largely thanks to Elon Musk, who continues to actively support the meme token.
For example, last week Tesla and Twitter owner Dogecoin was mentioned in a viral tweet by his Shiba Inu dog Floki.
He also attended Super Bowl LVII wearing a Dogecoin t-shirt while the entrepreneur sat next to the owner of Fox Corp. and News Corp. Rupert Murdoch.
Such gimmicks fuel expectations that sooner or later Twitter will introduce Dogecoin payments. Such expectations reached a new intensity a few weeks ago when Financial Times published an article which reported that the social network is moving forward with plans for digital payments and that it has even applied for regulatory licenses in the US.
Given Elon Musk’s long-standing support for Dogecoin , as well as hints last year that he might consider implementing DOGE payments , this news lends some credence to claims that Dogecoin will eventually become a payment option on Twitter.
Of course, there was no direct mention of DOGE in the latest report, so it’s anyone’s guess whether Musk’s vague hints will become reality. If they do, there’s no doubt that DOGE will grow significantly, possibly reaching integers within weeks of any hypothetical Twitter integration.
For now, however, a more realistic target for 2023 would be somewhere closer to $0.13, as a recent report by cryptocurrency exchange Changelly suggests. And while it’s unlikely to attract attention, it’s a 47% increase from current levels.
