Benzinga - Dogecoin (CRYPTO: DOGE) is rallying on increasing whale transactions, prompting fresh optimistic takes from traders about its upcoming price trajectory.
What Happened: Trader Crypto Patel predicted a significant surge for Dogecoin and sees a promising accumulation zone for investors between $0.1 and $0.07. He set his long-term targets at $1 and $2.
Patel acknowledged the impressive returns of Dogecoin for long-term holders, saying, "To those who've held for the last 6 years, your profit is 6900x at ATH and the current ROI is still 1150x."
Despite his optimistic outlook, Patel reminded his followers to invest wisely, especially in meme coins. "Reminder: I never suggest investing a huge amount in meme coins."
Another crypto researcher, Jake Wujastyk sees Dogecoin at an important level.
#Dogecoin Make or break here. $DOGE pic.twitter.com/MAw1Ay7rK1— Jake Wujastyk (@Jake__Wujastyk) June 24, 2024
Also Read: What Is Going On With Dogecoin And Shiba Inu?
Why It Matters: IntoTheBlock data noted large transaction volume spiking 37.1% to $1 billion, while daily addresses increased by 8%. Transactions greater than $100,000 increased from 129 transactions on June 23 to 316 on June 24. Total exchange inflows doubled from $11.6 million to $24 million.
Last week, BitMEX co-founder Arthur Hayes said tweet that he is adding Pendle and Dogecoin to his investments.
Billy Markus, also known as Shibetoshi Nakamoto, the co-creator of Dogecoin, warned about the risks of investing in cryptocurrency by comparing it to "raging fire." He added that the purchase of cryptocurrency is comparable to “throwing money directly into a raging fire, the ups and downs become a lot more tolerable.”
Price Action: In the past 24 hours, DOGE is up 9.7% at $0.1276.
What’s Next: The influence of meme coins Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Is $0.10 Really Dogecoin’s ‘Next Stop’?
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