Dogecoin Price Analysis: Gigantic 1.4 Billion DOGE Purchase Raises Questions

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Simon Chandler

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Simon Chandler

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Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

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September 30, 2024 11:30 EDT

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The Dogecoin price has fallen to $0.1198 today, marking a 5.5% decline in 24 hours but a 12% increase in a week.

DOGE also remains up by a healthy 18% in a month, with the popular meme token also posting a 93% increase in a year.

Such increases come after whales increased their buying of the token, with the past week seeing large traders accumulate more than 1.4 billion DOGE within the space of 48 hours.

This points to an expectation that the meme token will have a strong end to the year, and potentially a very strong 2025.

Dogecoin Price Analysis: Gigantic 1.4 Billion DOGE Purchase Raises Questions

There’s some confusion regarding the 1.4 billion DOGE that whales have recently purchased.

This stems largely from one X-based influencer tweeting over the weekend that “a whale just bought 1.4 billion DOGE.”

Such a claim goaded Billy Markus into a response, with the Dogecoin founder simply replying, “wat.”

However, it seems that the source of this claim was an earlier tweet from analyst Ali Martinez, who shared Santiment data showing that larger traders had accumulated over 1.4 billion DOGE – worth around $167 million – in 48 hours.

Yet such a volume includes multiple buys from multiple whales, meaning that no single traders was responsible.

As such, it would be very rash to conclude that something has fundamentally changed in DOGE’s market, or that a big whale is banking on a big rally.

Yet there’s still reason to be optimistic about Dogecoin, even if it has declined today.

Its chart below shows that, after a difficult few days, it could be about to rebound.

Its relative strength index (purple) has fallen to 30 this morning, an oversold position implying that traders have undervalued the token.

As with other coins, DOGE’s 30-period moving average (orange) is falling towards the 200-period average (blue), with the coin probably not bottoming out until the indicator finishes this decline.

Regardless, it’s good to see that Dogecoin’s trading volume remains high today at $1 billion, which does confirm the view that interest in it remains strong.

This is why it’s reasonable to assume that DOGE will be rallying again very soon, particularly with the wider market entering a more bullish phase.

The Dogecoin price could reach $0.2 by November, before reaching $0.4 by the New Year.

Newer Meme Tokens Show More Potential

Without the still-distant promise of cryptocurrency payments on X, DOGE is likely to make only gradual progress for the foreseeable future.

Because of this, traders who want bigger, market-beating gains should look towards newer alternatives, including presale tokens.

One of the most interesting presale coins right now is Memebet Token (MEMEBET), an Ethereum-based cryptocurrency that has already raised $340,000 in its token offering.

Memebet is turning heads because it’s in the process of launching its own online crypto-friendly casino, which will provide over 1,000 crypto-native games to play.

This will include virtual slots and classic casino table games, as well as an extensive sportsbook featuring all major sports.

Not only will users be able to place bets in MEMEBET, but they will also be able to use established meme coins such as Pepe, Dogecoin, Bonk and Shiba Inu.

Yet by wagering MEMEBET, holders will be able to earn greater rewards and payouts.

This will boost demand for the token, which holders can also stake for a passive income.

MEMEBET is currently selling for $0.0255, with investors able to join the sale by going to the official Memebet Token website.

This sale price will rise in just under three days, and will continue to rise incrementally until the sale ends.

Given Memebet’s popularity on social media, it could have a big opening when it lists on trading platforms in the next couple of months.

Buy MEMEBET Now