Dogecoin’s parabolic growth was fueled by whales who continued to buy it. The coin soared up to $0.1200 its highest level since August 1, and nearly 50% higher than its previous low point.
Whales buy Dogecoin
Dogecoin’s price surge has been attributed to three major factors. The first reason for this is its correlation to Bitcoin which has surged up to $65,000 in the past two months. Bitcoin’s rise was due to its strong correlation with global stock markets, which are at their highest levels.
The rally was also triggered by the Federal Reserve’s recent interest rate cut, which saw rates lowered by 0.50%, for the first in four years. The Swiss National Bank ,, and other central banks have adopted a more dovish approach as economies in their countries slow.
Santiment data shows, thirdly, that whales have been collecting Dogecoin over the last two days. These whales purchased 1.4 billion coins worth $140 million, according to the company. Whale purchases are often the catalyst for cryptocurrency adoption.
In the last 48 hours alone, whales have bought more than 1.40 billion $DOGE worth $140,000,000!
Its surge was also largely due to other meme coins going parabolic. Popcat, an incredibly new Solana coin meme, has surged to the point where it’s now worth $1 billion.
Bitcoin Dogs can rebound
Dogecoin, and the other meme currencies that have recovered in recent weeks were in a deep red state a few short weeks ago.
Bitcoin Dogs is a relatively young cryptocurrency which raised more than $15 million in investment. However, its price remains lower than the airdrop.
It is now one of the most affordable tokens on the market. It has some catalysts which could help it rise in the short term.
The developers first reduce the supply. They announced on Thursday that they had implemented a large token burn. This means that some tokens are in circulation and placed into a wallet which can’t be accessed.
Share buybacks are a great way to look at a token burning. Companies repurchase shares and increase their profits per share. They hope to continue with more buybacks.
Bitcoin Dogs hopes to increase the utility of the token through a launch of a game where the players are paid with the cryptocurrency. The game will be released either in the second half of this year, or by 2025.
There is therefore a chance that Bitcoin Dogs could bounce back. Besides oscillators such as the Relative Strength Index show it’s moved to an oversold area. This is all it takes. Find out more here about Bitcoin Dogs.
As new information becomes available, this post Dogecoin prices rise as traders target Bitcoin Dogs could be updated.
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