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Dogecoin Whale Accumulation Sparks Optimism, DOGE To Rally 9000% Ahead?
Amid a highly bullish DOGE market witnessed recently, Dogecoin whales’ action to heavily accumulate the token has garnered significant attention among traders and investors globally. On-chain data indicates over 500 million coins were bought from crypto exchanges, signaling increased market confidence in the asset’s long-term prospects. In the wake of this market statistic amid a bull market, crypto watchers anticipate a staggering 9000% gain in the dog-themed coin’s price ahead.
Dogecoin Whale Accumulation Spikes As Over 500M Coins Bought Recently
As per an X post by the renowned crypto market analyst Ali Martinez on November 21, Dogecoin whales bagged over 550 million tokens, worth $214.5 million, from crypto exchanges over the past week. This massive purchase has put significant buying pressure on the asset, pointing out the potential for considerable upside movement ahead.
Notably, the leading dog-themed meme crypto already surfs bullish tides, primarily attributable to the broader market events. Mainly, with Elon Musk’s taking the D.O.G.E. (Department of Government Efficiency) role under Donald Trump’s cabinet, market sentiments surrounding the meme coin have turned highly bullish.
Aligning with this endeavor, a recent CoinGape Media report reveals that D.O.G.E leads Elon Musk and Vivek Ramaswamy further outlined a strategy to reduce the federal workforce under Trump’s presidency. This saga garnered significant attention to the meme coin which is also much touted by Musk. It’s noteworthy that Elon and Vivek are also starting a podcast named “dogecast.” These chronicles, in turn, bring substantial attention to Dogecoin.
Simultaneously, in light of these broader events and the massive buying pressure brought by whales, market watchers foresee a phenomenal rally ahead.
DOGE To Soar 9000% Ahead?
At press time, DOGE price gained slightly by 0.5% intraday and is resting at $0.387, amid a surge in Dogecoin whale activity. The coin’s 24-hour low and high were $0.3666 and $0.3956, respectively. Notably, the monthly chart for the meme coin showcases gains worth 173%. This bullish movement has sparked further investor curiosity despite the recent turbulent performance.
Notably, leading crypto analyst Ali Martinez further spotlights that for DOGE to finally witness a 9,000% parabolic rally, 40% to 50% corrections are sure to be expected. This bullish projection rides the back of historical trends, as the meme coin witnessed a 9,470% pump in 2017 with two major corrections of 40% and another at 84%. In addition, recent on-chain data also indicates a potential rally for top meme coins like DOGE, SHIB, and others, in the coming days.
Subsequently, the coin skyrocketed 30,700% in 2021, seeing two key pullbacks of 46% and 53%. These statements indicate substantial potential for Dogecoin to pump ahead in the light of a broader bull meme coin market, further accompanied by massive whale accumulations.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto analyst Investing Scope has predicted that the Dogecoin price is set to reach the much-anticipated $1 level. The analyst also suggested that now is a great time to accumulate the foremost meme coin as a once-in-a-year buy opportunity returns.
Dogecoin Coin Eyes Rally To $1 As Buy Opportunity Returns
The Dogecoin price is eyeing a rally to $1 as a buy opportunity returns. In a TradingView post, Investing Scope mentioned this $1 target while revealing that this once-in-a-year buy opportunity is aiming for the 1.618 Fibonacci extension on the higher high trendline. His accompanying chart showed that the projected rally for DOGE is already in play and that a deeper correction is unlikely.
Commenting on the current Dogecoin price action, the analyst stated that DOGE is neutral on its 1-day technical outlook. He added that the foremost meme coin is recovering from its prior oversold state and testing the 1-week MA50 for the first time in three weeks.
This current rebound is said to have been made after the Dogecoin price touched the 1-week MA200, which the analyst claimed is the new long-term bottom, similar to August 5th, 2024, and October 9th, 2023.
Crypto analyst Master Kenobi also recently predicted that the Dogecoin price could reach $1 by June later this year. The analyst revealed that DOGE is mirroring a bullish pattern from the 2017 bull run, which is why he believes that the foremost meme coin could reach this price target. This projected rally to $1 will represent the second phase of Dogecoin’s bull run, just the same way there were two equal pumps in the 2017 market cycle.
Key Levels To Watch For DOGE
In an X post, crypto analyst Ali Martinez revealed the key levels to watch for the Dogecoin price. He highlighted $0.177 and $0.207 as the major support and resistance levels for the foremost meme coin. He added that these levels are crucial for determining the next price movement.
In an earlier post, Martinez stated that the SuperTrend indicator suggests that the Dogecoin price could enter a bullish phase upon breaking the $0.21 resistance level. Market participants are betting on a bullish reversal for DOGE as Martinez revealed that 76.65% of traders on Binance futures are long on the meme coin.
Crypto analyst Trader Tardigrade is also predicting massive moves for the Dogecoin price. In one post, he stated that the meme coin’s macro chart follows the DOGE cycle. His accompanying chart showed that the foremost meme coin could rally to as high as $8 in this market cycle.
At the time of writing, the Dogecoin price is trading at around $0.18, down over 6% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
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The Securities and Exchange Commission’s (SEC) decision to drop lawsuits against several major crypto players has left the Ripple case as a notable exception. Recently, the US SEC dismissed litigations against Kraken, Cumberland, and Consensys, sparking curiosity about the status of the XRP lawsuit. Fox Business journalist Eleanor Terrett took to X to share insights on the possible reasons behind the SEC’s delay in the Ripple case.
Let’s take a closer look at the Ripple case and the SEC’s decision to exclude the platform while dropping lawsuits against other crypto companies.
Is US SEC Further Delaying the XRP Lawsuit?
In her recent X post, Fox Business reporter Eleanor Terrett shared insights on the possible reasons for the SEC’s delay in the XRP lawsuit. While the SEC intentionally missed Ripple while dismissing cases against other major firms, Terret stated that the move wasn’t surprising.
Emphasizing the unique circumstances of the Ripple case, Terrett stated, “No Ripple here but I’m not entirely surprised because, again, it is slightly different to these other cases.” The journalist pinpointed the complexities surrounding the XRP lawsuit unlike other crypto lawsuits.
The SEC’s approach to resolving the XRP lawsuit differs from other crypto cases due to an existing injunction. To move forward, the SEC must request Judge Torres to lift this injunction, allowing them to proceed with voting on the withdrawal of the appeal and other related matters.
SEC Dismisses Kraken, Cumberland, Consensys Cases
In a recent development, the US SEC officially announced the dismissal of the crypto lawsuits involving Kraken, Cumberland, and Consensys. This decision comes after the SEC filed a joint stipulation with each company. The filing agrees to dismiss the cases with prejudice, meaning they cannot be refiled.
It is noteworthy that the dismissal comes without any financial implications for the crypto firms. Dropping the lawsuits, the Commission underscored the irrelevance of the cases. However, the regulator clarified that its decision does not imply a change in its position on the underlying issues of the lawsuits.
As highlighted by Terrett, these dismissals do not impact or influence the ongoing XRP lawsuit. Meanwhile, the Ripple lawsuit is expected to follow specific procedures, which may lead to a delay in its conclusion. The settlement process for the Ripple lawsuit involves several steps. This includes the SEC’s request to lift the existing injunction and the subsequent voting on the withdrawal of the appeal.
Recently, attorney Fred Rispoli shared a possible timeline for the Ripple case settlement. He stated that the lawsuit will end within the next 60 days.
How This Delay in the Ripple Lawsuit Settlement Impact XRP Price?
Amidst the complexities and uncertain timeline surrounding the Ripple case settlement, the XRP price faces major corrections. As of press time, XRP is trading at $2.21, with a 5.38% dip in a single day. Over the past week and month, XRP has plummeted by 6.7% and 2.2%, respectively.
Despite this negative trend, a positive sentiment persists among investors, as indicated by a 17.6% surge in trading volume, currently at $3.85 billion. This sparks a bullish prediction for XRP, with analysts foreseeing its ascendance to $11.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto market participants, traders, and investors are increasingly divided over the consequences of mass token listings on centralized exchanges (CEXs).
As the discourse intensifies on token listings on CEXs, some industry figures warn of deteriorating listing standards. Meanwhile, others argue that an open listing approach will ultimately benefit the market.
Analysts Challenge Mass Listings on CEXs
Benjamin Cowen, a crypto analyst and founder of Cryptoverse, shared his concerns regarding the declining quality of tokens listed on major exchanges. He criticized exchanges for promoting long-term investing while listing low-quality “shitcoins,” highlighting their hypocrisy in the crypto market.
“Some crypto exchanges are listing shittier and shittier coins. They’ll tell you to focus on fundamentals and long-term investing one day, and then list the most useless garbage no one has even heard of the next,” he stated.
Another analyst, Colin Talks Crypto, further argued that the primary motivation behind these listings is to profit from transaction fees rather than the quality of the projects. Other voices in the debate suggested that exchanges focus on listing tokens when trending and remove them when interest fades.
“They want volume and fees and list when it’s hit and delist when it gets cold. CEXs this cycle have been showing us why DEXs are the future,” an X user remarked.
Indeed, this aligns with the hallmark of Binance Exchange’s delisting guideline. As BeInCrypto reported, the trading platform commits to reviewing the performance of its listed trading pairs. It removes tokens and trading pairs not meeting liquidity and volume thresholds.
Recent listings on Binance, including meme coins from the BNB Chain, such as JELLY, have fueled these criticisms. Against this backdrop, crypto influencer Leonidas expressed frustration with Binance.
“Your listing team just spot-listed four low-cap insider-controlled meme coins that nobody has ever heard of… I’ve watched for the past year as you guys have listed $10m-$20m garbage meme coins over and over while ignoring the largest market cap memecoins with real communities,” the analyst lamented.
Others also speculated that centralized exchanges might engage in pre-listing accumulation before selling to retail investors.
The Case for Mass Listings on Centralized Exchanges
Despite these criticisms, some experts argue that mass listings could benefit the market in the long run. Jason Chen believes that accelerating token listings will desensitize the market. In his opinion, this would remove the speculative hype around new listings and foster a more competitive trading environment.
“There will no longer be a listing effect, no more premium, and everything will return to a free game state,” Chen explained.
Changpeng Zhao (CZ), Binance’s founder, agreed with this perspective, noting that listing a coin should not affect the price. While listing provides liquidity, allowing for freer entry and exit, it may influence the price in the short term.
However, according to CZ, this should be very short-term. In the long run, prices should be determined by the project’s development. This also aligns with Binance’s listing and delisting criteria, which analyze elements such as the team’s commitment to the project, the level and quality of development activity, and the network and smart contract stability.
“The DEX model is very good. All coins are listed and people can choose for themselves,” CZ added.
Crypto trader Paul Wei also supported this argument but cautioned against oversimplifying the relationship between listings and long-term valuations. He also challenged CZ’s view that coin listings on CEXs like Binance do not influence long-term prices, arguing that listings affect a project’s “development” by enabling freer trading, which shapes price trends.
Meanwhile, recent controversies, such as the Hyperliquid JELLY token incident, highlight the growing divide between CEXs and decentralized exchanges (DEXs). BeInCrypto reported allegations of market manipulation. This has fueled skepticism over centralized exchanges’ practices, hence the CEX vs. DEX crypto debate.
Critics argue that such cases demonstrate the advantages of DEXs, where token listings are unrestricted, and market forces dictate valuations without centralized intervention.
Amidst this ongoing debate, CZ articulated that Coinbase’s recent decision to list BNB perpetual futures was purely on merit. It is also worth noting that Binance recently resolved to include users in its listing and delisting actions, fostering democracy.
The exchange also adopted a secondary listing mechanism. Instead of exclusively listing new tokens on its centralized exchange, it will leverage Binance Wallet to facilitate token launches on decentralized platforms.
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