Dogecoin (DOGE) came into the spotlight, and cryptocurrency investors wanted to turn their attention to the most essential meme coin. This development is expected to have a positive impact on the meme coin, which has been lagging for some time.
Dogecoin whales accumulate 700 million DOGE
Crypto analyst Ali Martinez revealed on X (formerly Twitter) post that DOGE whales have purchased over 700 million DOGE ($112 million) in the last 72 hours. This is part of the current trend where cryptocurrency investors are paying attention to meme coins.
Trading company QCP Capital confirmed this trend in a recent market update, stating that investors are “shifting their attention to higher beta meme tokens like Shiba Inu (SHIBA)Dogecoin (DOGE) i Pepper (PEPPER). The trading firm also claimed that these meme coins “rank in the top 10 in terms of open interest,” with Shiba Inu and Pepe seeing double-digit gains over the past few days.
These investors are also believed to have accumulated DOGE in anticipation of an imminent price escalate for the premier meme coin. Dogecoin lags behind compared to best meme coins, which have made significant progress over the past seven days. This suggests that a meme coin is likely to hit the market soon.
Cryptocurrency expert Michael van de Poppe referred to Dogecoin as a “safe bet this cycle,” while noting that the “meme fiesta” continues for tokens like Dogwifhat. BONK, FLOKI and Book of Meme (BOME) “wake up intensely”. Van de Poppe went on to say that Dogecoin is the “easiest game of all,” even though it is not moving yet.
In the newer one Post X, Van de Poppe once again stated that Dogecoin “is such an easy game.” predicted that the meme coin would experience a massive explosion and can reach USD 1 in this market cycle.
In recent Post XMartinez also suggested that a parabolic price escalate for Dogecoin is on the horizon. He stated that market sentiment for Dogecoin is as bearish as it was in early February, just before the price of the meme coin increased by 200%.
Why Dogecoin is one of the “lowest risk trades”
Altcoin Sherpa cryptocurrency analyst mentioned that Dogecoin rising to $0.40 is “one of the lowest risk trades.” this cycle” The analyst outlined their reasons for holding this belief. First of all, Altcoin Sherpa stated this retail investors they will eventually accumulate as many Dogecoins as possible, causing their prices to skyrocket.
Secondly, the analyst referred to the richest man in the world, Elon Musk and his passion for a meme coin and stated that “all it takes is one retarded tweet from Elon to blow him (Dogecoin).” The analyst added that Dogecoin has “high liquidity/low losses compared to other memes.”
Featured image from Getty Images, chart from TradingView
