A cryptocurrency analyst encouraged investors to invest in comic-themed cryptocurrencies, Dogecoin (DOGE)stressing that purchasing this meme currency in anticipation of Bull rally It was the safest trade anyone could do.
Dogecoin is the safest trade for investors
In the last X (formerly Twitter) mailThe cryptocurrency analyst known as “Altcoin Sherpa” expressed his optimism about Future Outlook for Dogecoin And its potential as a profitable investment. The analyst suggested investing in DOGE with the expectation that… The price will rise As low as $0.4 is one of the safest trades for investors in the cryptocurrency market.
Although basic The volatile nature of currencies meme, Altcoin Sherpa has identified several factors that could serve as a bullish catalyst for DOGE. By sharing the Dogecoin price chart, he revealed that retail investors are likely to buy and accumulate Dogecoin, and it is likely that… Fueling price increases With the high demand for cryptocurrencies.
In addition, a cryptocurrency analyst noted the significant impact Social media trends It was on the value of the meme coin. He revealed that the X post was one from the CEO of SpaceX and Tesla (CEO). Elon Musk About DOGE could significantly push its price to new highs.
This scenario was proven earlier in 2019 when Musk tweeted about DogecoinStating that it “might be his favorite cryptocurrency” and “it was pretty cool.” The aftermath of this tweet had a historic impact on the Dogecoin ecosystem, as Cryptocurrency price It skyrocketed after gaining recognition from one of the world's most influential billionaires and investors.
Altcoin Sherpa has also identified Dogecoin's high liquidity Which facilitates the buying and selling process without any negative impact on its price. He also stressed that the meme-themed cryptocurrency has relatively low downside risks compared to other meme currencies in the market. As a result, the cryptocurrency analyst expects DOGE to outperform other “dirty coins” in the market.
Altcoin Sherpa He revealed that he does not currently own any Dogecoin; However, he believes it is a great investment for investors looking to take a passive approach and hold on to their investments in preparation for an upside.
Whales scoop millions of DOGE
Crypto whales have begun to show renewed interest in Dogecoin, accumulating large amounts of the meme-themed cryptocurrency. According to cryptocurrency analyst Ali Martinez, Dogecoin whales It has purchased over 700 million DOGE tokens worth approximately $112 million.
Martinez a statement This transaction is in X's post dated May 31, highlighting that the purchase was made within 72 hours. this Increase in whale activity It comes at a time when DOGE has been relatively stable, seeing small increases as downbeat market conditions subside.
At the time of writing, Dogecoin is trading for $0.159, reflecting a 0.6% increase over 24 hours and a 15.07% price rise over the past month, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com