Large investors, known as "Dogecoin whales," recently increased their holdings, purchasing 140 million DOGE tokens within 24 hours. This activity has sparked optimism about Dogecoin's price increase.
Increase in Dogecoin Holdings by Whales
On-chain data shared by crypto analyst Ali Martinez shows that big investors are accumulating large quantities of Dogecoin, indicating growing interest in the asset and improving sentiment among traders and investors.
Impact of X Money Payment System Launch
One of the key factors driving this optimism is Elon Musk’s upcoming launch of the X Money payment system, integrated into the X platform. The system is expected to support cryptocurrencies, including Dogecoin.
Potential Growth of Dogecoin Price
Due to whale accumulation and ongoing developments around Musk’s X platform, investors anticipate that Dogecoin’s price could rise soon. As of now, Dogecoin’s price has seen a modest increase of about 2%, reaching $0.3861. A CoinGape analysis indicates Dogecoin is still undervalued, suggesting more growth potential, particularly with continued whale buying.
Large investors are currently investing in Dogecoin in anticipation of further price increases, linked to the new payment solution launch and ongoing buying activity among major holders.
