Markets
“Market sentiment…is as bearish as it was in early February” by Benzinga
Benzinga – by Bibhu Pattnaik, Benzinga staff writer.
Cryptocurrency analyst and trader Ali Martinez predicted a significant price increase for Dogecoin (CRYPTO: DOGE).
What happened: According to a post on X on Friday, Martinez noted that Dogecoin market sentiment is as bearish as it was before its previous rally in February.
“Market sentiment for #Dogecoin is as bearish as it was in early February, just before #DOGE skyrocketed 200%!” He said.
Market sentiment for #Dogecoin is as bearish as it was in early February, just before #DOGE skyrocketed 200%! pic.twitter.com/dxbnb5jECQ
— Ali (@ali_charts) May 31, 2024
In early March, DOGE hit $0.18 as Bitcoin (CRYPTO:BTC) rallied following the SEC’s approval of spot Bitcoin ETFs.
Whales also began moving large amounts of Dogecoin, with many transactions marked as purchases.
Martinez tweeted that Dogecoin whales have accumulated over 700 million DOGE in the last three days, worth approximately $112 million.
Also Read: Dogecoin Soars As Elon Musk’s X Payments Gains Ground, Enthusiasts Rally With $800 Million Raise
Whale Alert reported that approximately 1.5 billion DOGE were transferred anonymously in the last two days. The transactions included 420,696,969, 970,000,000 and 499,420,696 DOGE.
420,696,969 #DOGE (66,103,147 USD) transferred from unknown wallet to unknown wallethttps://t.co/HgyBMwh6IX
— Whale Alert (@whale_alert) May 31, 2024
Additionally, 90,000,000 DOGE was withdrawn from Robinhood and transferred to an unknown address, totaling 1.579 billion DOGE worth $251,410,009.
As of this writing, DOGE is trading at $0.1598, up 2.89% after an overnight decline of 4.25%.
Because matter: Martinez’s prediction comes amid significant movement in the Dogecoin market. Last month, a transfer of 120 million DOGE to Robinhood coincided with a 4.45% increase in the cryptocurrency’s price. Whale Alert blockchain data highlighted this transfer, valued at approximately $18.5 million.
In early March, another significant prediction was made by a crypto analyst who suggested that Dogecoin could rise over 200% and that it will “do something crazy in this cycle.”
Now read: Forget Dogecoin and Shiba Inu: This Meme Coin Rises Nearly 70% in Just 24 Hours
This content was partially produced with help from Benzinga Neuro and has been reviewed and published by Benzinga editors.
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