The price of Dogecoin (DOGE) has increased by 3.5% over the past 24 hours, reaching $0.1515, coinciding with a 2.5% climb in the overall crypto market today.
DOGE has experienced a 14% rise over the past week, although the prominent meme coin has encountered a 20% decline over the course of the month.
The recent movement in DOGE price follows reports suggesting that whales have been accumulating the meme coin lately, evidenced by a significant transfer where a large trader moved $19 million worth of DOGE off Robinhood.
This accumulation by whales could potentially lead to further gains in the coming days, with indications that the market is gearing up for an active weekend.
Addresses holding between 100 million and 1 billion DOGE now account for 21% of the total circulating supply of the token, a slight increase from 20.75% recorded over a week ago. This indicates that whales have taken advantage of lower prices to accumulate DOGE at a discounted rate.
By purchasing DOGE at lower prices, these whales have positioned themselves to profit once the Dogecoin price experiences upward movement in the coming days and weeks.
Additionally, DOGE is expected to see further gains alongside the broader market, which appears poised for a recovery following a period of selling.
Looking ahead, Dogecoin holds long-term potential, especially if X introduces digital payments on its platform, potentially including payments using DOGE. In such a scenario, DOGE could reach $0.5 by the end of the year.
Stronger Rally Potential for a New Dogecoin Rival
Dogecoin is expected to maintain its position as one of the prominent meme tokens in the market for the foreseeable future. However, it’s not the sole meme coin with significant potential at present.
A slew of new meme coins has emerged recently, with some poised to outperform the market. One notable example is Dogeverse (DOGEVERSE), a multi-chain meme coin that has raised over $15 million in its token offering.
DOGEVERSE stands out as the market’s first multi-chain Doge-themed meme token, operating on Ethereum, Polygon, BNB Chain, Solana, Avalanche, and Base networks. Its compatibility across these chains increases its potential for broader traction and adoption across various apps and trading platforms, potentially driving its price upward over time.
Additionally, its hard cap of 120 million tokens ensures deflationary pressure in the long run. Furthermore, its staking system incentivizes holders with yields, leading to a significant portion of its supply exiting circulation.
These factors contribute to DOGEVERSE’s promising outlook, with newcomers able to participate in its sale through the official Dogeverse website. Currently priced at $0.00031 in its final presale stage, DOGEVERSE aims to surpass this level upon listing in the next few weeks.
May 2024, Cryptoniteuae
