Dogecoin (DOGE) has come under the highlight, with crypto investors trying to have turned their attention to the foremost meme coin. This development is anticipated to positively impact the meme coin, which has lagged for some time now.
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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) up to now 72 hours. This forms part of the present 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 highest 10 for open interest” with Shiba Inu and Pepe recording double-digit gains these past few days.
These investors are also believed to have collected DOGE in anticipation of imminent price gains for the foremost meme coin. Dogecoin has lagged in comparison with the top meme coins, which have made significant runs within the last seven days. This means that the meme coin will likely make a run of its own soon enough.
Dogecoin is currently trading at $0.15. Chart: TradingView
Crypto expert Michael van de Poppe labeled Dogecoin because the “protected bet to have on this cycle” while noting that the “meme coin fiesta” continues to be 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 all of them” although it isn’t moving yet.
In a newer X post, Van de Poppe again claimed that Dogecoin “is such a simple play.” he predicted that the meme coin would record an enormous breakout and might reach $1 on 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 because 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 among the bottom risk trades this cycle.” The analyst outlined the explanation why they hold this belief. Firstly, Altcoin Sherpa stated that retail investors will eventually accumulate as much Dogecoin as they’ll, which can cause it to experience such price surge.
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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