Amid the bullish run in the crypto market, Dogecoin (DOGE) has been consolidating within a symmetrical triangle over the past week, signaling a potential price breakout amid a month of overall sideways trading.
Dogecoin is trading in a symmetrical triangle over the past week, getting closer to the next price increase in what has been overall sideways trading over the past month. This is showing strength in Doge support at these levels instead of a breakdown back to the 20s. Let’s go… pic.twitter.com/EpoOypJZkA
— KrissPax (@krisspax) December 16, 2024
The cryptocurrency has shown resilience, maintaining strong support levels around the current price instead of falling back into the $0.20 range. As of today, December 16, DOGE is trading at $0.39, with market sentiment anticipating an upward trajectory.
Adding to the excitement, Raoul Pal, co-founder of financial media company Real Vision and former hedge fund manager, has reiterated his bullish stance on the memecoin.
In a detailed post on X, Pal unveiled his focused crypto investment strategy, placing DOGE as a central component of his portfolio.
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Pal highlighted Dogecoin’s long-term performance, noting its 500% outperformance against Bitcoin since 2013. He also pointed to the memecoin’s tie to Elon Musk and X, hitting at the potential integration of DOGE into X’s payment ecosystem. However, this is just a rumor, and there’s no official confirmation of it.
Massive 4.9 B Dogecoin Transfer Sparks Speculation in Crypto Market
Whale Alert reported that roughly five hours ago, an enormous of 4,999,999,999 DOGE was withdrawn to an unidentified destination. At the time of the transaction, this amount of the original meme cryptocurrency was vaulted at an impressive $2,029,477,748 in fiat.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 4,999,999,999 #DOGE (2,029,427,748 USD) transferred from #Binance to unknown wallethttps://t.co/5Ktbp37L0H
— Whale Alert (@whale_alert) December 16, 2024
According to the shared data, this massive transfer was composed of numerous smaller transactions, all directed to an unknown wallet with an address ending in AguBr5. Currently, this wallet holds 5,565,060,612 Dogecoin, with an estimated value of $2,219,680,076.
This massive transfer of the memecoin to an unknown wallet could spark speculation and volatility in the market.
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Also Read: Dogecoin Whales Buy 160M DOGE, Price to $1 Soon?
