Over $335 million worth of DOGE moved by Dogecoin whales within the past 24 hours
High-net-worth investors in Dogecoin (DOGE) have moved approximately $335 million worth of the meme asset in the past 24 hours, according to data from whale-tracking platform Whale Alert. There were seven transactions recorded, all involving the transfer of 800 million DOGE from one unknown crypto wallet to another. The largest transaction was worth $48.29 million, while the smallest was $47.54 million. The movement of such significant amounts of DOGE suggests that wealthy investors are actively buying, selling, or transferring the meme cryptocurrency.
Crypto analyst Nicholas Merten, known for hosting DataDash, recently predicted that Dogecoin would hit its lowest point by the end of 2023 or sometime in 2024, after which it would see a fresh rally. However, Merten also anticipates that DOGE will drop to around $0.035 to $0.025 before it starts to reverse its downward trajectory. Currently, Dogecoin is trading at $0.062, experiencing a 1.66% decrease in the past 24 hours.
It is important to note that any investments made in Bitcoin, cryptocurrency, or digital assets carry risk, and individuals should conduct their own due diligence before participating in such activities. The Daily Hodl, where this content was published, does not provide investment advice and is not an investment advisor.
In summary, whale investors in Dogecoin have moved a substantial amount of the cryptocurrency in the last day, indicating active trading or transfers among high-net-worth individuals. Analysts predict that Dogecoin will reach its lowest point in the coming years before potentially rallying again. However, investors should exercise caution and conduct their own research before engaging in any high-risk investments.