Markets
Crypto Analyst Predicts Huge Rise in Dogecoin Value: “Market Sentiment… Is as Bearish as It Was in Early February”
Cryptocurrency analyst and trader Ali Martinez planned a significant increase in the price of Dogecoin DOGE/USD.
What happened: According to an article on X on Friday, Martinez noted that Dogecoin’s market sentiment is as bearish as it was before its previous rise in February.
“Market sentiment for #Dogecoin is as bearish as it was in early February, just before #DOGE skyrocketed 200%!” he said.
In early March, DOGE reached $0.18, following Bitcoin’s BTC/USD surge after the SEC approved Bitcoin spot ETFs.
Whales have also started moving large amounts of Dogecoin, with many transactions marked as buys.
Martinez tweeted that Dogecoin whales have accumulated over 700 million DOGE in the last three days, worth around $112 million.
Read also: Dogecoin soars as Elon Musk’s X-payments gain traction and enthusiasts rally with $800M surge
Whale Alert reported that approximately 1.5 billion DOGE was transferred anonymously over the past two days. The transactions included 420,696,969, 970,000,000, and 499,420,696 DOGE.
Additionally, 90,000,000 DOGE was withdrawn from Robinhood and transferred to an unknown address, totaling 1.579 billion DOGE valued at $251,410,009.
At press time, DOGE is trading at $0.1598, following a 4.25% decline overnight.
Why is this important: Martinez’s prediction comes amid significant movements in the Dogecoin market. Last month, a transfer of 120 million DOGE to Robinhood coincided with a 4.45% price rise for the cryptocurrency. Whale Alert blockchain data highlighted this transfer, which was valued at approximately $18.5 million.
Earlier in March, another important prediction was made by a crypto analyst who suggested Dogecoin could jump over 200% and that he was “going to do something crazy this cycle.”
Now read: Forget Dogecoin and Shiba Inu – This Meme Coin Surged Nearly 70% in Just 24 Hours
This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga Publishers.
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