Dogecoin, being the most popular meme-coin in all of cryptocurrency, always has a microscope aiming at its price. Like Bitcoin, DOGE can positively or negatively impact other meme coins based on its own performance. At press time, the asset is trading over $0.15 and is preparing for another breach over $0.16. After a recent huge whale movement, Dogecoin could be prepping for a move over that $0.16 threshold to beyond $0.20.
According to data from Santiment posted by a popular analyst, Ali, the whales have increased their accumulation of DOGE, which had taken a dip for some time. “Dogecoin whales have bought over 700 million $DOGE in the past 72 hours, worth around $112 million!” Ali says in the May 31 post. Whale purchases typically mean positive activity around assets, and DOGE is historically no exception.
Also Read: How Did Dogecoin React to 90 Million Tokens Exiting Robinhood?
The whale movement did spark a slight boost for Dogecoin. However, the asset hasn’t quite reached the $0.17 threshold it reached just a week ago. Trading volume, on the other hand, is on the rise, currently up over 80% in the last 24 hours. When trading volume is up, this means that there is a high-level interest in Dogecoin. Correspondingly, this heightened interest brings popularity and room for growth around DOGE.
The historical price action of a DOGE price rally suggests the token is heading towards its highs. This climb will be slow; however, it is consistent. Furthermore, this climb is projected to hit as high as $0.20, per analysts. The current charts and previous price rallies support this bullish prediction. The ultimate question is how long it may take DOGE to reach this high.
Whether it takes a week or comes at the end of June, the bulls are indeed back in the Dogecoin driver’s seat.