Dogecoin is abuzz once more, courtesy of “whales” that snapped up as many as 140 million DOGE tokens within just 24 hours. The splurge has thus lit a beaming ray of hope among traders and fans, with murmurs that as high as 30% can be seen pretty soon.
On-chain data, according to crypto analyst Ali Martinez, demonstrates this set of whales is not testing the water but has thrown themselves head on, stirring action into excitement in the market. In this wake of accumulation surge, Elon Musk readies his planned launch, the X Money payment system on his platform, X. Reportedly, these payments systems might support both DOGE and Bitcoin besides stablecoin, USDT:
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Although Musk himself has not announced anything on the official role of Dogecoin, mere speculation seems to get the DOGE community going. Add to that a steady price bump of 2% to $0.3861, and things are heating up pretty fast.
While the rally of the last five months was impressive at 365%, DOGE is still highly undervalued, an analysis by CoinGape points out. With the technical indicators leaning biasedly bullish and whales continuing to go on their shopping spree, analysts believe a rally of as high as 30% upward is very much plausible.
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It’s getting exciting in the Dogecoin camp because hype and hope are building.