Dogecoin (DOGE), the beloved dog-themed cryptocurrency, is making headlines as 2024 wraps up. In just the last 24 hours, an astonishing $258 million worth of Dogecoin has changed hands. This surge has caught the keen eyes of the crypto community.
Recent reports from Whale Alert, a blockchain data tracker, revealed two significant transactions involving a total of 816 million DOGE. One transfer saw 466.8 million DOGE moved, followed shortly after by another transaction of 350 million DOGE. Both transfers took place between unknown wallets, creating a buzz of speculation about what this could mean.
Whale Alert shared: 350,000,000 DOGE valued at $109,962,192 and 466,890,148 DOGE worth $149,137,073 were exchanged from one unknown wallet to another. While we may not know the exact reasons behind this impressive movement, we can explore some possibilities.
This kind of activity often points to movements by Dogecoin whales—large holders who command significant portions of DOGE. The transfers could signal preparations for upcoming trades or maybe even private sales. Speculation abounds, with various theories ranging from over-the-counter (OTC) trading, happening outside of standard exchanges, to mere fund reshuffling.
Looking ahead, could Dogecoin really reach $1 by 2025? As we approach the end of 2024, forecasts are starting to roll in. Notably, Galaxy Research has released its Crypto Predictions for 2025, offering insights not only into Bitcoin and Ether but also making bold claims about Dogecoin’s future.
Galaxy Research is optimistic, predicting that Dogecoin might actually hit the $1 mark, ultimately reaching a $100 billion market cap. This kind of growth for the world’s oldest meme coin is certainly stirring up excitement.
At this moment, Dogecoin is trading at approximately $0.32, marking a slight decline of 0.39% in the last day. This dip reflects the current market sentiment as we near the end of 2024. However, should Dogecoin manage to rebound past $0.34, it could aim for the 50-day SMA at $0.382, where sellers are likely to mount a strong defense.
Currently, Dogecoin is clinging to the $0.30 support level. If the market can’t muster higher ground, the risk of a sell-off looms large. Should the $0.30 barrier fall, we might see Dogecoin slip to $0.27 and potentially down to $0.23.
As we edge closer to 2025, all eyes will be on Dogecoin, hoping it proves skeptics wrong and reaches for that elusive $1 target.
