- The DOGE whale accumulation has been on the rise which signals a bullish momentum going ahead.
- Elon Musk’s reaffirmation of the Twitter acquisition has also set up new optimism among DOGE supporters.
The world’s largest memecoin aka Dogecoin (DOGE) has once again come under the radar of crypto traders. A very popular crypto market analyst @SmartContracter has shared a bullish outlook for Dogecoin with his 211,200 Twitter followers.
The analyst believes that Dogecoin (DOGE) is currently undergoing a massive accumulation and could be ready to explode. In a message on Twitter, @SmartContracter stated:
DOGE/BTC has the most insane looking high timeframe accumulation going on, i haven’t seen something that looks like such clean accumulation like this in a long time. i daresay revisiting this in a years time $doge will be a lot higher than $0.065c.
Courtesy: Trading View
Dogecoin (DOGE) was one of the top performers during the 2021 bull run last year. Despite the crypto winter of 2022, DOGE still manages to have a place among the top ten cryptocurrencies by market cap. However, Smart Contractor is not the only person to believe that DOGE is set for a rally ahead.
On-chain data provider and crypto analytics firm Santiment reported that the DOGE whale transactions and funding rates have been on the rise. The data provider stated:
Dogecoin is up a solid +9% in the past day and a half, and the #memecoin is still ranked as the 10th largest market cap asset in #crypto. Whale transactions and funding rates have just spiked, which are two great predictors of price direction change.
Courtesy: Santiment
Currently, the DOGE supply has been largely concentrated on the no-fee brokerage app Robinhood. This app holds the address with the largest number of Dogecoin (DOGE) worth $2.5 billion. This represents nearly one-third of the total supply.
Dogecoin and Elon Musk
Dogecoin has once again come into the limelight as Elon Musk reaffirmed his bid to buy Twitter on Wednesday, October 5. This is just the euphoria among DOGE supporters who believe that the memecoin could get some exposure on one of the largest social media platforms.
Traders also see Musk’s proposed plan of buying Twitter as bullish for Dogecoin and the entire crypto community. Elon Musk has been a long-time fan of Dogecoin and has extended his support for the memecoin several times. However, Musk has been facing a $258 billion lawsuit on accusations of operating a DOGE pyramid scheme. The complaint filed in the Manhattan federal court states that Musk and his businesses deliberately pushed up the Dogecoin price by more than 36,000 percent over two years.
Also, in the last two days, an astounding amount of DOGE cryptocurrencies have been on the move. As Whale Alert reported, a total of 386,082,773 Dogecoins were sent between two anonymous wallets worth a staggering $25.1 million.
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