On Sunday, May 28, DOGE whale transactions reached one of their highest levels.
The bullish case for Dogecoin remains very strong even though the coin has taken quite a beating in recent weeks. The market reversal, coupled with the increased adoption rate the meme coin is experiencing, could see it complete a 50% move up any time soon.
Dogecoin Whale Transactions Are on the Rise
Last week, Dogecoin whales woke up from their slumber. This came to a head on May 28, when DOGE whale transactions hit one of their all-time highs. Data from IntoTheBlock shows that large DOGE transactions, meaning transactions carrying at least $100,000 worth of coins, crossed $1.94 billion in the past seven days.
As a result, Dogecoin’s volume also increased exponentially, crossing the $1 billion mark. This rapid increase in volume shows the willingness of investors to participate in the market once again, which further plays into the bullish narrative of the meme coin.
Transaction volume is not the only Dogecoin metric that also saw an increase in the past week. The number of DOGE transactions taking place on the network has also increased exponentially, thanks to the popularity of BRC-20 tokens.
According to BitInfoCharts, the number of daily DOGE transactions grew from an average of 20,000 in early May, to 2.0777 million closing the month. This increase in the number of transactions also explains the increase in transaction volume, as well as the growing bullish sentiment in the community, as more activity on the network means more demand for DOGE.
DOGE Could Explode in the Short Term
As was the case with Bitcoin when the Ordinals and BRC-20 tokens gained popularity, resulting in an increase in price, DOGE could follow the same trend. If this happens, then the Dogecoin price could break the general market trend and start a solo rally.
With its already high volumes, such a single rally could see DOGE rising as much as 50% from its current level. Additionally, investors are already recapturing the gains of smaller meme coins such as PEPE into DOGE, providing even more protection for the digital asset.
If DOGE continues to rise, its first major resistance lies at $0.075 at this point. However, this resistance is not as strong as the one at $0.08, which will really determine if the meme coin can go as high as 50%. Currently, DOGE is trending at $0.073 in price, up 1.02% in the past day, and up 1.69% in the past week.
According to CryptoPredictions, Dogecoin started in May 2023 at $0.079950676451439 and is forecast to end the month at $0.084524966282426. During May, the expected DOGE price maximum is $0.1208131885317 and the minimum is $0.079950676451439.
Similarly, the DOGE price for today (05.30.2023) is forecast to be in the price range of $0.062361763762344 – $0.091708476121094. Dogecoin price is forecast to end today at $0.073366780896875.
Finally, the price of DOGE is expected to be located tomorrow (05.31.2023) in the price range of $0.071846221340062 $ – $0.10565620785303. Dogecoin is forecast to start at $0.084524966282426 tomorrow and end the day at $0.082834466956778.
By Audy Castaneda
