The cryptocurrency industry consists of a wide range of investors. From retail to institutional investors, the market benefits from them all. But whales certainly stand out due to the magnitude of their investments. They also fill the market with confidence or even panic due to their actions. The Dogecoin (DOGE) market recently got a boost of confidence following the latest activity of these large investors.
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Diving Into Dogecoin’s Current Market
Dogecoin was seen slowly leaving the bears behind and embracing recovery. Over the past 24 hours, the OG meme coin recorded a rise of 1.12%. At the time of writing, DOGE was trading at $0.1679.
Despite its notable gain throughout the last few months of 2024, DOGE was seen struggling. The asset ended 2024 at a high of $0.4672 but it dipped to a low of $0.1453 earlier this month. Throughout the past 30 days alone, the meme coin decreased by 36% in terms of its price.
This setback did not cause panic in the DOGE whale market. According to data from Santiment, Dogecoin whales, with more than $1 million in DOGE, have been growing their holdings in spite of a 70% decline in value. In addition to this, active addresses per day have been rising. The firm revealed that there are more than 150K active DOGE addresses making it the highest since mid-November.
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Price Prediction
It looks like DOGE investors will have to wait longer than expected in order to reach the $1.2 mark. According to data from CoinCodex, the meme coin will reach $1.2 only in the year 2040. The firm noted that in February of 2040, Dogecoin will rise all the way to a high of $1.245, following a 640% increase from its current price level. While this is a long journey, investors could see notable upticks along the way.
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