Dogecoin Price Volatility Surges After Massive 700 Million DOGE Transfer
Dogecoin, the popular meme coin, experienced significant price volatility during Tuesday’s US trading session. The price briefly surged to $0.12 before retracing to $0.1120 following a massive transfer of 700 million DOGE tokens. This transfer, worth over $78 million, has left investors speculating on the future direction of Dogecoin.
The price movement of Dogecoin has been closely aligned with the broader market, particularly with Bitcoin. As Bitcoin rallied towards multi-month highs near $68,000 before slipping back to around $66,000, Dogecoin followed suit.
As the US presidential election gains momentum and pro-crypto candidate Donald Trump gains traction in the betting markets, discussions about a potential “Uptober” rally have intensified.
Despite the market volatility, Dogecoin’s price has held strong, finding solid support at its 50-day moving average (50DMA) in recent sessions. The coin remains in an uptrend since reaching its lows in August.
Investors are closely watching the on-chain whale activity, particularly the transfer of 700 million DOGE tokens, as it may indicate a potential price surge in the future. Whale Alert’s X account highlighted this transfer, which was worth over $78 million.
In addition, data from Messari revealed that on-chain volume spiked nearly fourfold to $400 million on the same day, indicating that large holders may be positioning themselves for a potential breakout.
If the broader crypto bull market continues and Bitcoin reaches new all-time highs later this year, Dogecoin could potentially see gains of up to 3x from its current levels. However, some meme coin investors have even higher expectations and hope for greater returns.
For investors seeking larger upside potential, participating in meme coin presales before they gain widespread attention is often the key. One such project gaining attention is Meme Bets (MEMEBET), which offers an innovative approach to meme coin gambling. The upcoming Telegram/web crypto casino allows users to bet with popular meme coins, positioning it as the first GambleFi protocol of its kind. The project’s presale has already raised $460,000, thanks to its generous airdrop program.
Investing in crypto is a high-risk endeavor, and this article is provided for informational purposes only and does not constitute investment advice.