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The biggest meme coin, Dogecoin, surged to $0.33, a 3.4% hike in the last 24 hours, following the accumulation of 270 million DOGE tokens in the last 96 hours.
This comes amid the “Santa rally” in Bitcoin ahead of Christmas Eve, pushing Bitcoin beyond $98,000. This shows a strong correlation between DOGE and Bitcoin.
Whales bought 270 million #Dogecoin $DOGE in the last 96 hours! pic.twitter.com/b86lCyGDsr
— Ali (@ali_charts) December 24, 2024
Will Dogecoin Cross the $4 Mark?
Dogecoin has captured the attention of analysts and investor amid the prediction of a price surge. Market analyst Javier Santini, founder of Elemento Cripto, has sparked discussions with his bold prediction that the memecoin could reach $4 within a week after its ongoing correction phase.
The crypto analyst explains that corrections, such as the current 35% dip from its recent high of $0.48, are part of the natural market cycle. According to Santini, these cool-off phases typically last about a month before triggering a rally.
If this prediction holds, DOGE, now priced at approximately $0.33, could experience an unprecedented growth of over 1,168%.
Another expert supports the $4 prediction and even forecasts a potential rise to $4.20. He attributes this confidence to DOGE’s 1,000-day accumulation pattern. This pattern shows strong underlying support for the biggest memecoin.
Despite the excitement, the memecoin’s volatility continues to polarize investors. While some see its erratic behavior as a risk, other view it as an opportunity for significant gains. Analysts like Santini argue that these fluctuations are normal precursors to major rallies.
However, DOGE saw $9.2 million in liquidations, evenly divided between long and short positions. This reflects uncertainty among all DOGE traders and investors.