Dogecoin Price Chops as a 700 Million Whale Transfer Leaves Investors in Awe – What’s Next?

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Joel Frank

Author

Joel Frank

About Author

Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology…

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Last updated:

October 15, 2024 13:07 EDT

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During Tuesday’s US trading session, Dogecoin’s (DOGE) price experienced major volatility, briefly surging to $0.12 before retracing to $0.1120 following a substantial 700 million DOGE transfer, worth over $78 million, that left investors speculating on its future direction.

The leading meme coin has been moving in line with the broader market, as Bitcoin (BTC) rallied toward multi-month highs near $68,000 before slipping back to around $66,000.

As the US presidential election heats up, with pro-crypto candidate Donald Trump gaining traction in the betting markets, discussions about a potential “Uptober” rally have intensified.

Dogecoin Price Holds Strong Despite Market Volatility as Whale Activity Intensifies

Dogecoin’s price chart is showing encouraging signs for bulls, with the coin finding solid support at its 50-day moving average (50DMA) in recent sessions. Additionally, DOGE remains in an uptrend since reaching its August lows.

As on-chain whale activity catches the attention of investors, questions about the future price of Dogecoin have grown.

In particular, traders are closely watching the transfer of 700 million DOGE as a sign that a potential price surge may be on the horizon.

Whale Alert’s X account highlighted the transfer, worth over $78 million, on Monday.

In addition, Messari data revealed that on-chain volume spiked nearly fourfold to $400 million on the same day, up from approximately $120 million the day before.

This suggests that large holders might be positioning themselves for a potential breakout.

If the broader crypto bull market continues and Bitcoin achieves new all-time highs later this year, Dogecoin could potentially see gains of up to 3x from current levels.

However, some meme coin investors are setting their sights even higher, hoping for more potential returns.

Whale Transfers and Meme Coin Presales: Where to Find the Next Big Win

For those seeking larger upside potential, getting in early on new meme coin projects is often the key to achieving major returns.

One way to do this is by participating in meme coin presales before they gain widespread attention.

A new presale project, Meme Bets (MEMEBET), has been gaining attention due to its innovative approach.

The upcoming Telegram/web crypto casino will allow users to bet with popular meme coins, making it the first GambleFi protocol of its kind.

This unique feature could attract a large number of meme coin enthusiasts, positioning Meme Bets as a potential leader in the emerging GambleFi sector.

The project’s presale has already raised $460,000, thanks in part to its generous airdrop program, which has generated excitement among early investors.

ClayBro explains why he thinks MEMEBET is ready to sour in the below video.

Visit Meme Bets Now

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.