TL;DR
Analysts predict a bullish outlook for Dogecoin (DOGE), with potential price targets above $2, driven by bullish chart patterns and significant whale accumulation.
The creation of Elon Musk’s Department of Government Efficiency (D.O.G.E.) has fueled speculation, with future endorsements potentially reflecting on the meme coin’s price performance.
Dogecoin (DOGE) has experienced intense turbulence in the past week, with its valuation hovering between $0.33 and $0.43. It reached its local peak on January 18 (two days before Donald Trump’s inauguration), while currently, it trades at approximately $0.36 (per CoinGecko’s data).
Despite the significant volatility, many industry participants remain optimistic that DOGE could soon tap a new all-time high. X user Trader Tardigrade claimed that the asset has formed a bull flag on the 2-day chart, which could trigger a price explosion to as high as $2.
Prior to that, JAVON MARKS outlined an even more bullish prediction. They think DOGE has been “showing strength, and by historical performances, prices can be set for an over +432% gain from here.” The meme coin was trading at around $0.38 at the time of the forecast, and the potential increase would result in a valuation surpassing $2.
One major factor signaling that the OG meme coin could indeed witness a substantial rally in the short term is the whale activity. According to X user Ali Martinez, such large investors have purchased 590 million tokens (equaling more than $215 million) in the past 24 hours.
Consistent efforts in that field will reduce DOGE’s circulating supply and create upward pressure on the price (should demand stay the same or rise). In addition, the whales’ actions could encourage retail investors to follow suit and inject further capital into the ecosystem.
Another element signaling good days ahead for DOGE bulls is the establishment of the Elon Musk-led Department of Government Efficiency. The entity’s abbreviation is the same as that of the meme coin, while Tesla’s CEO is a huge proponent of the asset.
Earlier this week, Dogecoin’s value briefly skyrocketed by double digits after D.O.G.E. featured the token’s logo on its official website. It later removed it, but if Musk or the agency continues to endorse it, the price might rally again.
The post Top Dogecoin Price Predictions as DOGE Whales Go on a Buying Spree appeared first on CryptoPotato.
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
