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Simon Chandler
Author
Simon Chandler
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The Dogecoin price has dropped by 7.5% today, falling to $0.3732 as the crypto market corrects by 3.5% in the past 24 hours.
Despite this dip, DOGE remains up by 90% in the past week and by 194% in the last 30 days, with the meme token – now the sixth-biggest coin in the market – also up by an enviable 400% in a year.
And while it has taken a breather today after a spectacular week, its trading volume remains at a very high $20 billion, indicating very high ongoing demand.
This signals some serious accumulation by whales and also retail investors, implying that Dogecoin is likely to continue its rallying this weekend.
Dogecoin Volume Hits $20 Billion As Whales Accumulate – Is a Big Price Move Coming?
Looking at recent transfer data, it’s pretty clear that most traders and investors are still very much in accumulation mode.
Indeed, whales have continued to buy DOGE in the past 24 hours, even if it has retreated a little from the sheer euphoria of earlier in the week.
Its chart suggests that it could sink a little further today, before staging a comeback at some later point in the weekend.
Its RSI (purple), for example, is currently struggling to return to 50, so we may see it drop down again to 40 or below before anything more positive happens.
DOGE’s 30-period moving average (orange) is also sliding towards the 200-period average (blue), another negative sign.
Yet Dogecoin’s momentum of late has been so bullish that it’s unlikely we’ll see the 30-period fall below the 200-period.
Its bullishness has largely stemmed from the fact that Donald Trump has appointed Elon Musk to head a Department of Government Efficiency (D.O.G.E.).
That the new Trump administration has created such a department and given it such a name has helped to push Dogecoin back into the limelight, with the meme token outperforming all top-100 coins by a comfortable margin over the past 30 days.
And looking to the future, the Dogecoin price will continue to benefit from the liberalization in cryptocurrency regulations that many expect Trump to deliver.
The new regulatory landscape may even help to ease the conditions for X to finally deliver on its promise to introduce digital payments on its social network.
Such a development would boost DOGE even further, while the coin would go exponential if X were to actually integrate Dogecoin itself.
In such a context, its price would easily top $1, but would probably rise even higher.
New High-Potential Altcoins Could Outperform
Dogecoin is likely to remain one of the best-performing major tokens for the foreseeable future, yet it won’t be the only alt to perform well during the new bull market.
Aside from the usual suspects, we could see a new alt season taken hold of the market in the coming weeks, led by some of the bigger and more popular presale tokens.
Of course, not all presale coins will do well, yet those with the best backing and the best fundamentals should make early investors a nice profit.
And one exciting coin in this category is Best Wallet Token (BEST), the native ERC-20 cryptocurrency of the well-established software wallet.
Best Wallet Token has just launched the presale for BEST, which will serve as a utility token for its services.
Holding BEST will provide numerous benefits, including discounts on transaction fees, higher staking rewards, voting rights, and early access to new projects, presales and airdrops.
This gives BEST plenty of utility, and given that Best Wallet has already established itself as one of the best non-custodial cryptocurrency wallets around, it could certainly experience lots of demand.
As a token, it will have a max supply of 10 billion BEST, with its presale receiving 4.5% of this supply.
10% will go to future airdrops, 8% to staking rewards and 7% to community rewards, with the remainder going to a mixture of liquidity, product development and marketing.
Investors can join the presale by going to the official Best Wallet Token website, with BEST currently selling at $0.02255000.
This will rise to $0.02257500 on Tuesday, and will rise all the way to $0.02497500 by the 100th and final stage of the sale.
It will then list on trading platforms, and judging by its fundamentals it could rally big.
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.
