The Dogecoin (DOGE) network has constantly making headlines for its impeccable growth over the past couple of days. Amidst this, investors several investors were glad that the meme coin saw some momentum in its network. A few others, however, realized Dogecoin’s potential for further growth and decided to make massive purchases.
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Did This Dogecoin Whale Dive Too Soon?
The blockchain tracking tool Whale Alert, which monitors significant cryptocurrency transactions, discovered a Dogecoin transaction from Robinhood, a well-known trading app. According to the firm, a cryptocurrency whale withdrew an astounding 200,000,000 DOGE, or $45,746,453.
In addition, it was discovered that the money was further sent to an unidentified blockchain wallet called -1pMke. This wallet, at the moment, has 30,237,003,292 Dogecoin worth $6,891,315,420.
This notable transaction was made when Dogecoin was priced a little over $0.20. Ever since, DOGE has witnessed a massive spike. Over the past seven days, the OG meme coin rose by over 80%. DOGE even hit a high of $0.42. This further reveals that the whale entered the market around the right time.
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At press time, Dogecoin was trading at $0.3732 following a 9% drop over the past 24 hours. Several in the market were shocked by this price slump. This was because Donald Trump appointed Elon Musk to lead the “Department of Government Efficiency” or DOGE, earlier today. A few others believe that the latest downtrend is a mere correction and DOGE has the potential to witness a massive spike.
November Price Prediction
It looks like the above whale will continue to enjoy gains throughout the month. According to data from CoinCodex, Dogecoin is expected to trade at a maximum price level of $0.389 over the second half of November. The average trading price of the meme coin will remain at $0.36.
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