Dogecoin is experiencing a surge in price as whales start accumulating the token, indicating a potential rally. In the past 24 hours, the large holder netflow for DOGE has increased by 1,645%, suggesting that whales are taking advantage of the discounted prices to buy Dogecoin. This increase in whale trading activity could lead to significant price rises for the altcoin.
The Dogecoin price has risen by 2% in the past 24 hours, reaching $0.1131, while the overall crypto market has seen a 1% gain. Over the past week, DOGE has increased by 1.5%, and over the past month, it has risen by 7%. In the last 12 months, Dogecoin has surged by an impressive 92%.
The recent rise in Dogecoin’s price is accompanied by positive indicators that suggest further growth for the coin. The 30-period moving average has crossed over the 200-period average, forming a golden cross, which typically indicates a period of strong growth. Additionally, the relative strength index has risen from 40 to just over 60, leaving room for further increases.
Whales are driving this renewed bullishness in Dogecoin. Despite its recent decline, they have recognized the opportunity to buy the coin at a discounted price. Data from IntoTheBlock shows that the coin’s Large Holders Netflix metric has risen significantly, reaching its highest level since early September. This suggests that Dogecoin is poised for a strong end to October after a significant drop at the beginning of the month.
The increase in whale activity is complemented by the rising number of active addresses for Dogecoin, indicating growing interest in the meme coin. Furthermore, if the Federal Reserve announces one or two more rate cuts before the end of the year, it could further bolster bullish sentiment for Dogecoin. In such a context, experts predict that the Dogecoin price could reach $0.15 by the end of November and around $0.20 by the end of the year.
While Dogecoin has been underperforming, traders may be turning their attention to newer meme coins that have the potential to outperform the market. One such coin is Crypto All-Stars (STARS), an Ethereum-based coin that has raised over $2.2 million in its sale. Crypto All-Stars is the first token to offer a ‘MemeVault,’ a storage protocol where holders of any meme token can stake their funds. This unique feature could drive significant demand for STARS, especially since users who stake meme coins with the protocol will receive more rewards if they hold more STARS tokens.
Latecomers can still participate in the sale of STARS by visiting the official Crypto All-Stars website, where 1 STARS currently costs $0.0015007. The price will increase as the sale progresses, and once it ends, the coin will list on exchanges. Given the early signs of popularity for Crypto All-Stars, it could experience a surge in price once it goes live.
It’s important to note that investing in cryptocurrencies, including Dogecoin and STARS, carries a high level of risk. This article is for informational purposes only and should not be considered investment advice.
