The Dogecoin price has dipped by 2.5% in the past 24 hours, falling to $0.158 as the crypto market as a whole loses 2% today.
DOGE remains up by 14% in the past week, although the ever-popular meme coin has dropped 18% in a month.
Today’s action also comes as a whale sends $60 million in DOGE to Robinhood, which has received a Wells notice – a warning of potential incoming legal action – from the SEC in the past 24 hours.
This could potentially mean that the Dogecoin price may fall a little further in the next few days, although its medium- and long-term prospects continue to look good.
Dogecoin Price Prediction as Large Holders Transfer DOGE to Robinhood Exchange Amid Wells Notice – Are They About to Sell?
DOGE’s chart continues to look promising, even if it has wobbled in the past day or so.
Most notably, its 30-day average (orange) remains comfortably above its 200-day (blue) and has actually begun rising again after a slight fall, suggesting potential rises.
Source: TradingView
On top of this, DOGE’s relative strength index (purple) has returned to 50 today after sinking below 40 yesterday.
This suggests a potential recovery, and given that the coin’s support level (green) has risen healthily since the end of last week, a rebound could certainly happen soon.
400,000,000 #DOGE (62,825,933 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/Ghy0dGLZky
— Whale Alert (@whale_alert) May 7, 2024
However, traders should remember that a whale has sent over $60 million in DOGE to Robinhood, seemingly as a precursor to selling.
This is a large amount of DOGE, yet it’s possible that its owner has already sold it, seeing as how the Dogecoin price dropped to $0.1456 a couple of hours after the deposit.
As such, the worst may actually already be over, with DOGE potentially free to recover from now on.
And looking at the bigger picture, Dogecoin is due a rebound soon enough, given that it’s down by 18% in a month.
It will likely recover in step with the wider market, which continues to hope for rate cuts from the Federal Reserve, which the market expects to reduce its fund rate this year.
As for DOGE in particular, its hopes for a really big rally hinge on whether X introduces digital payments this year, which it has said it will do.
#DogeCoin at $.15 is the steal of the century!
– Elon hasn’t Tweeted yet
– X Payments hasn’t gone live
– $1 dollar hasn’t been hit
Are you still buying $DOGE?!
Will Dogecoin Hit a dollar? pic.twitter.com/Cien9NiYjG
— BAD ANTHONY (@bad__anthony) May 6, 2024
If such payments include crypto – and obviously DOGE – payments, then the Dogecoin price could surge.
It may reach $0.5 by the end of the year if such a scenario comes to pass.
New Alts Bring New Big Rallies
While DOGE is likely to remain popular for the foreseeable future, it isn’t the only promising alt in the market.
The past few weeks have also seen the emergence of various presale tokens, with the best of these having the potential to rally big once they list.
One example with strong fundamentals is WienerAI (WAI), a new Ethereum-based cryptocurrency that serves as the native token for its similarly named trading bot.
A HUGE MILESTONE!
Just WAIT until you see what we have in store.
— WienerAI (@WienerDogAI) May 4, 2024
Impressively, WAI’s presale has been open for only a couple of weeks, yet it has raised over $1 million already.
This is a testament to the fact that WienerAI is much more than another humorously designed and marketed meme token, and that it offers its holders real utility.
As a trading bot, WienerAI will serve as a generative AI that will answer questions related to investment, with users able to ask for tips and promising coins.
Not only that, but it will also provide an atomic swap function, meaning that users will be able to quickly buy any recommended new tokens.
One other bullish feature is that WienerAI will include MEV protection, in that it will enable traders to complete transfers ahead of any potential frontrunners.
This makes the platform potentially very useful to traders, with demand for WAI likely to be strong.
Holders will also be able to stake the token for a passive income, with the token itself having a max supply of 69 billion.
STAKE NOW and fill your wallet with beautiful Wieners!!!
Current staking apy is over 2000%!
Buy and stake here: https://t.co/FCpYSr1k8g
— WienerAI (@WienerDogAI) April 21, 2024
Investors can join its sale by visiting the official WienerAI website, where WAI currently costs $0.000704.
This price will rise in less than 24 hours, although it could climb much, much higher when the token lists.
The post Dogecoin Price Prediction as Large Holders Transfer DOGE to Robinhood Exchange Amid Wells Notice – Are They About to Sell? appeared first on Cryptonews.