Recently, large investors, known as “Dogecoin whales,” have significantly increased their holdings, buying a massive 140 million DOGE tokens within 24 hours.
This surge in buying activity has led to increased optimism in the market, especially given the potential impact on Dogecoin’s price.
On-chain data, shared by crypto analyst Ali Martinez, reveals that these big investors are accumulating large quantities of Dogecoin. This buying spree suggests a growing interest in the asset, which is starting to drive positive sentiment among traders and investors.
One of the key factors driving this optimism is Elon Musk’s upcoming launch of X Money, a payment system integrated into the X platform. The system is expected to support cryptocurrencies like Bitcoin, Dogecoin, and stablecoins like Tether (USDT).
Although there have been no official statements yet, the speculation is that Dogecoin could play a significant role in the payment system, further fueling the excitement.
Due to this whale accumulation and the ongoing developments around Musk’s X platform, investors anticipate that Dogecoin’s price could rise soon, especially if the market becomes more favorable.
As of now, Dogecoin’s price has seen a modest increase of about 2%, reaching $0.3861. The coin’s price fluctuated between a low of $0.3763 and a high of $0.3891 within 24 hours.
A CoinGape analysis shows that Dogecoin is still undervalued, despite a 365% rise since September. The market value-to-relative-value z-score indicates DOGE’s current price is still low compared to its potential, suggesting more growth potential, especially with continued whale buying.
Based on the current technical indicators, some analysts predict that Dogecoin will see a 30% price increase soon. This expectation is rooted in the market’s overall strong sentiment, driven by the whale accumulation and speculation around Elon Musk’s X Money platform.
Also Read: Will Dogecoin Be Part of X Money’s Rumored 2025 Launch?
