Dogecoin (DOGE) has been in the spotlight recently, driven by bullish predictions and significant whale activity. The well-known analyst The Crypto Dog, with 782,000 followers on the social media platform X, predicts DOGE could hit $0.30, a 78% increase from its current price of $0.169, if Bitcoin (BTC) achieves a new all-time high.
Bitcoin’s Bullish Outlook
The Crypto Dog also suggests that Bitcoin, the largest cryptocurrency by market cap, may be entering a new bullish cycle. He recommends holding BTC long, anticipating new highs in the coming weeks.
Whale Activity Impacting DOGE
Recent whale activity has further stirred the market. A dormant Dogecoin whale, holding 893,303 DOGE (around $145,101), became active on May 22 after 10 years, transferring 23,338 DOGE to Binance. Despite this transfer, the whale still holds over 869,964 DOGE (approximately $141,101).
This whale activity is not isolated. Earlier in the month, another Dogecoin whale transferred $60 million in DOGE to Robinhood. Additionally, on May 21, a transaction involving 600 million DOGE (about $100 million) was reported, shuffling the amount between two unknown wallets.
Market Reactions and Future Prospects
These whale movements caused Doge coin price to rise by 13.08%. Coinglass data shows increased investor interest, with DOGE’s open interest (OI) rising by 27.05% to $1.05 billion and volume up by 212.27% to $3.73 billion.
Investors and analysts are closely monitoring these developments, speculating on Dogecoin’s future price movements. The combination of bullish predictions and whale activities suggests a potentially exciting future for DOGE enthusiasts.