Dogecoin (DOGE) Sees 70% Price Surge; Predicted to Rise Further in March 2024
Summary:
Dogecoin (DOGE) has seen a significant price increase of about 70% over the past week, influenced by a positive trend in the cryptocurrency market. This surge is linked to increased DOGE holdings among the cryptocurrency's wealthiest investors, suggesting strong accumulation. The price boom comes ahead of the fourth Bitcoin halving, a pattern seen before previous Bitcoin splits. Predictions for March point to a potential 25% rise, hitting $0.18, carried by the recent surge of Bitcoin and a strong buying atmosphere in memecoin sector.
The value of Dogecoin (DOGE) has made a remarkable leap by about 70% in the past week, thanks to a positive trend noticeable in the cryptocurrency sector. This upward shift could signal even more gains in March, supported by a combination of technical and fundamental factors. The most recent hike in Dogecoin's value coincides with an uptick in the number of the cryptocurrency's wealthiest investors, often referred to as "whales", holding DOGE. Interestingly, since the start of the year, there has been a 0.7% increase in accounts holding over 100,000 DOGE tokens. Despite a slight drop in the number of entities holding over 1 million DOGE after February 12, these significant holdings likely belong to exchanges, suggesting a shift in traders' preferences, favoring holding onto DOGE instead of active trading. This pattern indicates strong accumulation.
This ongoing Dogecoin price surge is interestingly timed, coming ahead of Bitcoin's fourth split scheduled for April 19, 2024. This increase mirrors similar growth trends observed prior to the previous Bitcoin splits in May 2020 and July 2016. Impressive jumps in DOGE price have been observed before each of these Bitcoin split periods. Generally, traders tend to pivot to alternative investments like memecoins for potential short-term returns, in response to the perceived overall market boost due to the Bitcoin split. This pattern is led by speculation and an attempt to exploit the market hype following Bitcoin's supply shock.
Other notable memecoins such as Shiba Inu (SHIB), Pepe (PEPE), and Bonk (BONK), akin to Dogecoin, have seen significant rises leading up to the Bitcoin split. Dogecoin's next likely price leap target appears to sit at its 0.236 Fibonacci retracement line. This specific price marker served as a firm support during the market downturn from May 2021 till November 2021, thereby asserting its importance in the bearish phase of the market.
As we step into March, predictions for Dogecoin suggest a potential 25% rise hitting $0.18, driven by a sturdy buying atmosphere in the memecoin sector, reinforced by Bitcoin's recent jump. This positive trajectory points towards Dogecoin possibly achieving its target by the end of the month.
Please note, this story does not constitute investment advice or recommendations. Every investment or trading move poses some degree of risk, and it is essential for readers to engage in their own research and decision-making.
Published At
3/2/2024 5:50:20 PM
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