Largest Dogecoin Holder Adds 1.58M DOGE as Analyst Targets $10

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As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed numerous market cycles and trends, from the dot-com boom to the crypto revolution. The recent rally of Dogecoin has caught my attention, particularly given its meteoric rise in the last three months.

In the last three months, Dogecoin has seen a significant increase, going up by 3x. This upward trend began in December during a minor pullback. From September to November, the price of Dogecoin climbed substantially from $0.10 to reach its 52-week high of $0.48078, representing a remarkable growth of approximately 374%. In this period, the daily volatility was around 0.9%, and the market capitalization stood at roughly $61.99 billion, with a 24-hour trading volume of about $14.76 billion.

Despite the broader market retreat, whales continue to express optimism towards the largest meme cryptocurrency, Dogecoin, boasting a market capitalization of approximately $60 billion. As the seventh most prominent digital currency in circulation, the direction of Dogecoin’s price significantly influences the overall performance of meme coins as a category.

The Largest Whale Doubles Up on Dogecoin

Lately, the largest Dogecoin holder identified as unipcs.eth on SpotOnChain’s tweet, increased his DOGE holdings. Despite a temporary dip in the market, this whale remains optimistic about Dogecoin and invested approximately 121 Ethereum tokens, equivalent to around $449,000 at current prices, into buying more DOGE. The Ethereum tokens have a 24-hour volatility of 1.8%, while the market cap is $438.46 billion and the 24-hour volume is $42.76 billion.

In exchange for his Ethereum, the whale got 1.58 million DOGE. This brings his Dogecoin collection to 36.64 million tokens worth $10.55 million.

At present, one entity controls approximately 3.66% of the total possible supply. Additionally, the digital asset unipcs.eth carries an untapped profit of roughly $9.12 million. Remarkably, this individual has earned a substantial gain of around 637% in Dogecoin.

Beyond Dogecoin, the whale shows a strong affinity towards meme tokens, particularly Floki (FLOKI). The whale holds an impressive 14.657 billion FLOKI tokens, currently valued at approximately $3.32 million. This investment in Floki has yielded the whale a profit of around $882,000, representing a return of 36.3%. The 24-hour volatility stands at 7.7%, while the market cap and volume within the last 24 hours amount to $2.18 billion and $768.63 million respectively.

The whale also holds 66.11 billion Simon’s Cat tokens worth $2.76 million. In this, the whale has a profit of $2.03 million with a surge of 278%.

Regarding the political meme coins that large investors (whales) hold, they currently possess around 6.273 billion MAGA tokens with a total value of approximately $404,000. These tokens have generated a profit of $347,000 so far, which represents an astounding return on investment of 608%.

Ultimately, the large investor is in possession of approximately 14.6 million units of $TOKEN, valued at around $1.04 million. This investment offers the largest holder a relatively small profit margin of about $50,800 and a return of 4.86%.

Given the strong performance and impressive portfolio of investments that have yielded high returns, it’s worth pondering: Could the $TOKEN token maintain its upward trend in the upcoming months?

Dogecoin Rally Extension

According to an analysis presented by Trader Tardigrade regarding the subject X, if Dogecoin manages to surge past its historic peak, we can expect a powerful upward trend or rally, often referred to as a bull run. This prediction is derived from the previous instance in 2018 where it broke its all-time high.

2021 saw Dogecoin reach a brand-new peak and surpass an all-time high, following a significant upturn in its price trend, often referred to as a rounding bottom breakout. Currently, Dogecoin appears poised for another surge, aiming to exceed its previous record-breaking high once more.

As a crypto investor, I’ve noticed that the historical price movements suggest a pattern that could point to the next potential profit-taking zone. This zone might fall somewhere between $10 and $30.

$42.91M Worth of Dogecoin Supply to Hit the Market

As reported by Tokenomist, a significant release of over $40 million in Dogecoin is expected within the next week. Specifically, between December 2nd and 9th, approximately 94.47 million tokens worth around $42.91 million will be made available.

As an analyst, I’d rephrase that to say: Given that it represents 0.06% of the current supply, a substantial amount may potentially enter the market, which could lead to a prolonged price drop for Dogecoin and similar meme coins, as they seem to be experiencing a frosty period at present.

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2024-12-02 18:18