Price Dogecoin could soon explode
A top cryptocurrency strategist that has gained a large following on social media after accurately calling bitcoin’s 2018 Bear market bottom above $3,000 has revealed that they believe the price of the meme-inspired cryptocurrency Dogecoin ($DOGE) could soon explode.
The pseudonymous analyst, known as Smart Contractor on social media, told his over 200,000 followers on the microblogging platform Twitter that Dogecoin has been undergoing an accumulation phase that could see the cryptocurrency pump in the future.
doge/btc has the most insane looking high timeframe accumulation going on, i haven't seen something that looks like such clean accumulation like this in a long time.
i daresay revisiting this in a years time $doge will be a lot higher than $0.065c 😂 pic.twitter.com/t7kRsD7zzT
— Bluntz (@SmartContracter) October 4, 2022
Whale transaction and funding rates spike
Dogecoin was created back in 2013 as a joke. The cryptocurrency’s community is well-known for taking on philanthropic projects.
Insights from data provider Semrush have revealed that the cryptocurrecy saw its popularity skyrocket in January 2021, before undergoing a massive 10,000% price rally.
Smart Contracter’s prediction came at about the same time on-chain cryptocurrency analytics firm Santiment noted that the meme-inspired cryptocurrency has seen whale transaction and funding rates spike, which are “two great predictors of price direction change.”
🐶 #Dogecoin is up a solid +9% in the past day and a half, and the #memecoin is still ranked as the 10th largest market cap asset in #crypto. Whale transactions and funding rates have just spiked, which are two great predictors of price direction change. https://t.co/k3voMpSH3k pic.twitter.com/uGi7Zg8Sig
— Santiment (@santimentfeed) October 4, 2022
It’s worth noting Smart Contracter is famous for, in June 2018, predicting the bear market that was seeing the price of bitcoin drop from a then all-time high near $20,000 would end with the coin trading at $3,200. The prediction was nearly accurate, as BTC hit the target in December of that year.
As CryptoGlobe reported, the number of whale addresses on the DOGE network moved up by over 5% late last month after six new whales joined the investor class by scooping up 620 million tokens.
Dogecoin is currently trading at $0.06 after losing around 64% of its value so far this year amid a wide market downturn in the cryptocurrency space, partly due to wider macroeconomic factors and Russia’s invasion of Ukraine.
The meme-inspired cryptocurrency is notably supported by Tesla CEO Elon Musk, who has said he wants to keep supporting DOGE “wherever possible” and has even started selling Tesla merchandise priced in the cryptocurrency.
Source: cryptoglobe.com
>>> Related: Elon Musk buys Twitter for $44 billion, Dogecoin price up 8.7%
