Dogecoin [DOGE], the prominent meme-based cryptocurrency, has been on a bullish trend. This sentiment is a reflection of the broader market. The meme coin saw a significant increase last week, with its price rising by more than 12%. However, this upward momentum suffered a setback. At the time of writing, DOGE was trading at $0.166 after a daily decline of 3%, with a market cap of over $23.88 billion.
As we look ahead to June 2024, cryptocurrency experts at Changelly have shared their predictions for Dogecoin's price movements. Forecasts indicate that Dogecoin's minimum trading cost could be around $0.146. The asset could rise to a possible high of $0.169. Additionally, DOGE is expected to trade around $0.157 on average. These predictions, while conservative, suggest a relatively stable period for the meme coin after recent fluctuations.
Also read: Dogecoin ETF Approval: A Potential Cryptocurrency Milestone?
Impact of Whale Activity on Dogecoin
A crucial factor that influences Dogecoin price movements is the behavior of whales. Recently there has been a notable decline in whale activity. This decline coincided with the death of Kabosu, the famous Shiba Inu dog from the Doge meme. Data from IntoTheBlock shows a significant decrease in large transactions involving Dogecoin. In the past 24 hours, these transactions have fallen by more than 29%, to a total of 6.63 billion DOGE. It should be noted that transactions exceeding $100,000 dropped from $1.56 billion to $1.12 billion. Around the same time, as many as 1,300 such transactions were recorded.
This reduction in whale activity signals a cautious approach among major investors, which could soon impact Dogecoin's price dynamics. Furthermore, whales have the potential to significantly impact the market. However, their reduced participation could lead to reduced volatility, but possibly also less upside momentum for DOGE.
Also read: Kabosu, the Shiba Inu dog behind DOGE and SHIB, passes away