Top meme cryptocurrency, Dogecoin (DOGE), is undergoing a short-term correction following several days of rallying, during which the coin maintained its price above the $0.20 support zone.
From a broader perspective, DOGE’s sustained gains can be considered impressive amidst the ongoing crypto bull run, supported by sustained network development and trading patterns mirroring Bitcoin’s trajectory.
Given the current price movement, a section of the Dogecoin community is eyeing the elusive $1 mark in 2024, particularly anticipating bullish catalysts such as Bitcoin halving. In this context, Finbold consulted Anthropic’s Claude 3 Opus AI platform, a competitor to OpenAI’s ChatGPT in the realm of generative artificial intelligence (AI).
Claude Opus AI’s DOGE price prediction. Source: Claude Opus AI’s
DOGE’s increasing activity
Meanwhile, Dogecoin’s recent rally has coincided with increased network activity. For instance, the number of Dogecoin holders now stands at approximately 7 million. This surge in numbers is partly due to the token’s valuation and the Dogecoin Foundation’s rollout of GigaWallet v1.0. The wallet seeks to enable businesses to integrate Dogecoin payments seamlessly through API integration.
Dogecoin’s bullish momentum will likely continue, especially with the news that Coinbase (NASDAQ: COIN) plans to list DOGE futures products starting April 1. This development coincides with a period when Dogecoin witnessed increased whale transactions.
Data shared by crypto analyst Ali Martinez on March 29 indicated a significant whale accumulation of the meme coin over the past two weeks, with total purchased tokens amounting to approximately 280 million. These indicators suggest potential price growth for DOGE in the near future.
DOGE whale accumulation chart. Source: Santiment?Ali Charts
By press time, DOGE was trading at $0.199, which had been corrected by over 7% in the last 24 hours. However, in the past seven days, DOGE is up almost 15%.
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