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Whales' Interest in Dogecoin Raises Growth Expectations

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by Giorgi Kostiuk

a year ago

The popular cryptocurrency Dogecoin experienced a drop to $0.30 but maintains potential interest thanks to investor and whale activity.

Current State of Dogecoin

Dogecoin, the largest and most popular memecoin, experienced a drop to the $0.30 level after a significant rally. Despite the price drop, interest in DOGE remains high, especially from investors and whales.

DOGE Futures Data

Coinglass data shows that the DOGE futures market reached a new record in open interest. The number of active contracts increased from 7.50 billion to 10.35 billion DOGE, indicating new money inflows and potential future volatility.

The increase in open interest indicates new money entering DOGE, potentially indicating a rise and upcoming volatility.None

Experts' Predictions

Market analyst Omkar Godbole expressed optimism about a rise in Dogecoin in the coming weeks, predicting the price to reach $0.5. Using historical data and the 50-day SMA, he noted DOGE’s best performance is historically in January with an average return of 85%.

DOGE has broken above the closely watched 50-day SMA, signaling a potential uptrend and the disappearance of a discount on Coinbase compared to Binance.None

Despite Dogecoin's price drop, new data and expert predictions provide hope for the cryptocurrency's growth in the near future, supported by investor backing and whale activity.

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