A widely followed cryptocurrency analyst is expressing bullish sentiment on the tenth-largest digital asset by market cap.
Pseudonymous analyst Smart Contracter, who predicted the 2018 Bitcoin bottom six months before it dropped, tells his 211,200 Twitter followers that Dogecoin (DOGE) is currently undergoing massive accumulation.
“DOGE/BTC has the most insane looking high time frame accumulation going on. I haven’t seen something that looks like such a clean accumulation like this in a long time.
I dare say revisiting this in a year’s time, DOGE will be a lot higher than $0.065.”
Dogecoin is exchanging hands at $0.06445 at time of writing, up by approximately six percent over the past 24 hours.
Smart Contracter’s prediction coincides with cryptocurrency analytics firm Santiment claiming that Dogecoin’s whale transactions and funding rates have risen in the recent past.
“Dogecoin is up a solid +9% in the past day and a half, and the meme coin is still ranked as the 10th largest market cap asset in crypto. Whale transactions and funding rates have just spiked, which are two great predictors of price direction change.”
Online brokerage app Robinhood currently owns the address holding the largest amount of Dogecoin – a stash worth over $2.5 billion. That’s nearly a third of the total supply.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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