Whale Crypto Buys Massive DOGE, Predicted Prices Will Rise

Whale crypto buys DOGE massively, the price is predicted to rise (Photo; Doc. Bitcoinist)

JAKARTA - In the last week, the crypto market was enlivened by the activities of "whale" or large investors who made large purchases of Dogecoin (DOGE). This purchase has brought fresh air to the market, raising hopes that DOGE prices could reach IDR 3,000 (equivalent to 0.2 US Dollars) in the near future.

Data from IntoTheBlock shows that Dogecoin whales have made massive accumulations in recent days. Over the past week, they have raised 2.07 billion DOGE, making it the biggest weekly accumulation since January this year. This activity provides a strong signal that there is a significant potential for Dogecoin price increases in the future.

Big investors looked optimistic as they entered the final quarter of this year. DOGE's price, which is currently in the range of Rp1,680 (US$0.112), has increased by 1.69%, with daily trading volume soaring to 103.1%, reaching Rp10.5 trillion (700.54 million US Dollars). In the last 24 hours, DOGE had reached a high of Rp1,728 (0.1152 US Dollars) and a low of Rp1,635 (0.1095 US Dollars).

Optimism towards Dogecoin is not without reason. Ali Martinez, a leading crypto market analyst, predicts that DOGE has the potential to surpass IDR 3,000 (US$0.2). According to Martinez, the current DOGE graphic pattern shows similarities to previous breakout movements, which are often followed by significant price spikes.

"Grafik DOGE shows a breakout pattern as before, indicating a possible major increase," said Ali Martinez. He explained that Dogecoin often experienced a sharp rise after coming out of the triangular pattern declined over the years, followed by a 200% increase and a 60% correction. After a recent 65% drop, Martinez believes that DOGE may be preparing for the next big increase.

With the increasing interest of whales and skyrocketing volume of trade, DOGE's potential increase towards IDR 3,000 (US$0.2) is becoming increasingly realistic. In addition, open interest for DOGE futures contracts has also increased by around 5%, reaching IDR 8.31 trillion (US$554.1 million), which strengthens expectations of bullish trends in this market.