During Tuesday’s US trading session, Dogecoin (DOGE) experienced significant volatility, briefly rising to $0.12 before settling at $0.1120 following a major transaction of 700 million DOGE, valued at over $78 million, sparking speculation about its future movement.
The prominent meme coin has been following the broader market trend, with Bitcoin (BTC) reaching multi-month highs near $68,000 before dropping back to around $66,000.
As the US presidential election heats up, with pro-crypto candidate Donald Trump gaining traction in the betting markets, discussions about a potential “Uptober” rally have intensified.
Dogecoin’s price chart shows promising signs for bulls, as the coin maintains strong support at its 50-day moving average (50DMA) in recent sessions. DOGE continues in an upward trend since hitting its lows in August.
As on-chain whale activity captures investor attention, questions about Dogecoin’s future price have grown. Particularly, the transfer of 700 million DOGE is being watched as a possible indicator of a price surge on the horizon. Whale Alert’s X account highlighted this significant transfer on Monday.
Moreover, Messari data showed that on-chain volume surged nearly fourfold to $400 million on the same day, up from about $120 million the previous day. This suggests that large holders might be positioning themselves for a potential breakout.
If the broader crypto bull market persists and Bitcoin reaches new all-time highs later this year, Dogecoin could potentially see gains of up to 3x from current levels. However, some meme coin investors are aiming for even higher returns.
For those seeking larger upside potential, participating early in new meme coin projects is often key to achieving significant returns. One such project, Meme Bets (MEMEBET), is gaining attention with its innovative approach, offering a Telegram/web crypto casino that allows users to bet with popular meme coins, making it the first GambleFi protocol of its kind. This unique feature could entice many meme coin enthusiasts, positioning Meme Bets as a potential leader in the emerging GambleFi sector. The project’s presale has already raised $460,000, partly due to its generous airdrop program that has excited early investors.
