The recent increase in whaling activity in Dogecoin has brought back bullish sentiments among investors. In the last 24 hours, the network has seen an incredible 40% increase in the value of significant transactions, surpassing $23 billion.
These actions often reflect an increase in confidence among institutional investors or high net worth individuals, which further supports the idea of a significant price advance in the near future.
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Historical patterns refer to rapid development
The exchange rate of the Dogecoin in the past shows what the future may hold for it. The value of the joke coin increased 90 times in 2017, and then increased 306 times in 2021, which surprised the market.
Some analysts, such as Javon Marks, expect DOGE to reach an unprecedented $20 if this historic trend continues in the current cycle. Although the prospect of such growth is attractive, it is essential to remember that the market is very unpredictable, and patterns do not always guarantee results.
$ DOGE (Dogecoin), looking over the previous two, has become bigger one after the other, and prices seem to be well in delivering another monumental bull show!
Another, bigger bull run this cycle could lead to over $20 DOGE. pic.twitter.com/uNruqmBIBt
— JAVON⚡️MARKS (@JavonTM1) December 28, 2024
Current market performance
The cost of 1 Dogecoin today stands at 0.32 $ An increase of 2.5%. in the last 24 hours as of December 29, 2024. This slight increase is indicative of a cautious but consistent attitude among investors.
Intraday highs reached $0.328, while lows remained at around $0.316, suggesting a degree of consolidation. If external catalysts align, the gradual move up could be the catalyst for more aggressive price action.
Some optimistic predictions are valid. Dogecoin has surprised the market with great gains. Skepticism is still essential. Many experts caution against using past performance to predict future success. Since the digital currency market is volatile, even the bullish predictions could fail.
Whales bought more than 90 million #Dogecoin $ DOGE in the last 48 hours! pic.twitter.com/lGsMtz0iPp
— Ali (@ali_charts) December 27, 2024
Can DOGE hit $20?
Within the cryptocurrency community, there have been controversies about Dogecoin's ability to hit $20. On the one hand, past price movements and increasing whale activity support the validity of these bold predictions.
To achieve this, we need a perfect storm of favorable conditions, including widespread adoption, a strong bull market, and the undivided attention of prominent investors like Elon Musk.
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For regular investors, the basic lesson is to greet these predictions with a balanced mix of excitement and skepticism. Whether or not Dogecoin reaches $20, it remains an interesting case study in the possibilities for speculative trading and community-driven investments.
Featured image from Pexels, chart from TradingView
