As a seasoned researcher with over two decades of experience in the financial markets, I’ve seen my fair share of market fluctuations and trends. The recent developments surrounding Dogecoin have caught my attention, and here’s why.
Blockchain investigator Whale Alert, known for tracking substantial cryptocurrency transfers, has recently identified multiple significant Dogecoin transactions within the last 20 hours. The combined value of these transactions surpassed half a billion Dogecoins.
For now, an analyst suggests that the initial crypto based on memes appears to have created a bullish shape in its graphical representation.
Half billion DOGE on move
In the last 20 hours, as per the mentioned blockchain record, there were three substantial transactions involving Dogecoin, with the largest transferring approximately 239.78 million DOGE. The smaller transfers moved nearly identical amounts of around 142.28 and 142.78 million DOGE each. In total, this equates to a transfer of 525 million Dogecoin, which is equivalent to $190.5 million in traditional currency.
142,282,194 DOGE were moved to the American-based leading cryptocurrency exchange, Coinbase, as the largest transaction. The remaining two transactions took place between unidentified blockchain addresses.
🚨 🚨 🚨 🚨 239,781,696 #DOGE (88,224,950 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) November 12, 2024
Dogecoin may soar to $0.56, per analyst
In simpler terms, financial expert Ali Martinez posted on Twitter that Dogecoin, the most popular meme-based cryptocurrency, appears to have formed a Bull Flag pattern in its shorter timeframes. If Dogecoin manages to hold onto the $0.35 support level, this technical formation suggests the possibility of a 45% increase for this well-known coin, potentially pushing its price up to around $0.56.
On a short-term basis, Dogecoin ($DOGE) appears to be forming a “bull flag” pattern. Should the $0.35 support level remain strong, this formation could indicate a possible 45% growth, aiming for approximately $0.56.
— Ali (@ali_charts) November 13, 2024
Over the weekend, from Saturday through Tuesday, I observed a remarkable surge in Dogecoin’s value, amounting to an impressive 113.15% and reaching $0.43551. This significant uptick may have been influenced by the recent shift in U.S. government leadership on November 5, which also led to Elon Musk, a global enthusiast of Dogecoin, assuming the helm at D.O.G.E., the Department of Government Efficiency. The primary objective of this department is to implement measures aimed at drastically reducing government spending.
By now, however, Dogecoin has pulled back by nearly 12%, changing hands at $0.38194.
Elon Musk’s latest D.O.G.E. development
Elon Musk and Vivek Ganapathy Ramaswamy have recently been named the leaders of D.O.G.E., a new role for both men. This announcement sparked an optimistic and excited response within the Dogecoin community after Elon Musk’s tweet about it, as previously reported by U.Today.
Billy Markus, one of Dogecoin’s co-creators, expressed excitement about the emergence of D.O.G.E. and Elon Musk leading it, stating that “we have the ideal individual for the job.” However, if the U.S. national debt isn’t swiftly reduced, our nation could be at risk of falling apart.
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2024-11-13 15:43