Spending 7 billion New Taiwan dollars in a frenzy! Analyst: The Whale is experiencing FOMO on 'this coin' and is expected to pump another 300 times

Whale spent 214.5 million dollars hoarding shitcoin

In the encryption currency market, the Wallet Address of the Whale (Crypto Whale) with a huge amount of funds has always been the focus of attention for investors and analysts.

According to Coingape, cryptocurrency analyst Ali Martinez tweeted on X (formerly Twitter) on November 21 that in the past week, DOGE ($DOGE) whales have bought more than 550 million tokens from major exchanges, with a total value of up to $214.5 million (about 7 billion New Taiwan dollars). This large-scale buying behavior has become a large buying force, indicating that DOGE may have a lot of room for growth in the future.

Source: ali_chartsSantiment The data shows that Whale has bought a lot of DOGE in the past week

Currently, the DOGE coin is in a strong upward trend, mainly driven by a broader market events.

The most notable of these is Trump's appointment of Elon Musk to the D.O.G.E. (Department of Government Efficiency) position, which has turned market sentiment towards DOGE highly optimistic.

D.O.G.E. CEO Musk will collaborate with Vivek Ramaswamy to further develop strategies to reduce the federal government workforce during Trump's tenure. They also plan to launch a free tax filing app to simplify the tax filing process for American taxpayers, but these plans are still in the preliminary discussion stage.

It is worth noting that Musk and Ramaswamy will also launch a podcast named 'dogecast', all of which has brought great attention to DOGE.

Analyst: DOGE expected to pump another 30,000%?

Under the active buying and positive news of Whale, DOGE briefly surpassed $0.4 and was quoted at $0.3934 at the time of writing.

From the perspective of the monthly trend line, DOGE's cumulative increase this month has reached 173%, although there has been significant Fluctuation recently, investors' interest has not diminished at all.

Ali Martinez specifically pointed out that DOGE may experience a significant pullback of 40% to 50% before it can achieve a parabolic rise of 9,000% to 30,000%.

According to the historical trend of DOGE, in 2017, DOGE experienced a big pump of 9,470%, with two significant pullbacks of 40% and 84% respectively. Even more astonishingly, in 2021, DOGE surged by 30,700%, with two crucial pullbacks of 46% and 53% respectively.

Image source: ali_charts Ali Martinez analyzes the historical trend of DOGE

Is the short-term target price of DOGE $0.82?

Ali Martinez predicted on November 19th that DOGE ($DOGE) is breaking through the bullish flag pattern, which indicates the continuation of the current rising trend in the market. After breaking through resistance, it will continue to rise in the initial direction.

He predicts that after breaking through the bullish flag pattern, the short-term target price of DOGE may fall around $0.82, which is more than double the current price. If there is a pullback, the short-term support level will be at $0.37.

[Disclaimer] The market is risky, and investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article are suitable for their specific situation. The responsibility for investment is borne by oneself.

『Smash NT$7 billion to buy wildly! Analyst: Whale's fear of missing out of 'this coin' is expected to rise 300 times" This article was first published in "encryption city"