Last updated:
Author
Simon Chandler
Author
Simon Chandler
Share
Why Trust Cryptonews
The Dogecoin price has risen by 2% in the past 24 hours, reaching $0.1131 as the crypto market as a whole gains by 1% today.
DOGE is up by 1.5% in the past week and by 7% in a week, as well as by 92% in the last 12 months.
Today’s rise comes as the meme token witnesses an increase in whale trading activity, with the large holders netflow metric showing a 1,645% increase in the past day.
This suggests that whales are finally taking the opportunity to buy Dogecoin at a discount, a change which could precede big rises for the alt.
Dogecoin Price Outlook: DOGE Sees 1,645% Spike in Whale Moves – $1 Incoming?
Today, Dogecoin is showing some promising momentum after a couple of weeks of decline. Its indicators suggest that the coin could rise higher before it enters an oversold position.
Its 30-period moving average (orange), for example, has recently climbed over the 200-period average (blue), forming a golden cross that usually signals a period of strong growth.
This is happening as DOGE’s relative strength index (purple) rises from 40 yesterday to just over 60 today, with plenty of space for further rising.
Driving this renewed bullishness is the activity of whales, who for better and for worse are usually the prime movers when it comes to meme tokens.
And in the case of Dogecoin, they have to decided to take advantage of its relative weakness and buy it on the cheap.
Data from IntoTheBlock, shows that the coin’s Large Holders Netflix metric rose from 22.35 million DOGE yesterday to 367 million DOGE today.
This is its highest level since early September, suggesting that the Dogecoin price is set to have a strong end to October, after dropping dramatically at the start of the month.
It is certainly about time that DOGE had a big rebound, given that the coin is still down by 84% in relation to its ATH, which it set all the way back in May 2021.
What’s also promising is that its active addresses count has been rising throughout the past month, complementing the whale data to suggest that interest is growing in the meme coin.
And bullishness would rise further if the Federal Reserve announces another one or two rate cuts before the end of the year, which many experts expect.
In such a context, the Dogecoin price could hit $0.15 before the end of November, while ending the year at around $0.20.
New Meme Tokens Boast Stronger Fundamentals
Because Dogecoin has been underperforming for a while, many traders may be looking towards newer meme coins, which can often outperform the market by wide margins.
Not only new tokens, but presale coins can often post big gains, particularly when the list for the first time after a successful sale.
There are a number of coins in line to do this at the moment, but one of the most interesting is Crypto All-Stars (STARS), a new Ethereum-based coin that has raised in excess of $2.2 million in its sale.
Crypto All-Stars is the first token in the market to provide a ‘MemeVault’, a storage protocol in which holders of any meme token can stake their funds.
Crypto All-Stars achieves this by harnessing the ERC-1155 multi-token standard, which can tokenize any cryptocurrency, even non-Ethereum-based coins.
This gives the project a big addressable market, and what’s especially bullish is that users who stake meme coins with its protocol will receive more rewards if they hold more STARS tokens.
This could lead to massive demand for STARS, which could become popular as a means of supplementing existing staking income.
Latecomers can participate in the coin’s sale by going to the official Crypto All-Stars website, where 1 STARS currently costs $0.0015007.
This price will rise several more times before the sale ends, at which point it will list on exchanges.
And because Crypto All-Stars is already showing signs of popularity (e.g. its X account has over 17,000 followers), it could surge once it goes live.
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.
