Dogecoin Price Drops Over 30% Amid Institutional Interest
Dogecoin (DOGE) has decreased over 30% monthly, currently trading around $0.26. Despite this decline, it continues to attract institutional interest, highlighted by Neptune Digital Assets' acquisition of 1 million DOGE at $0.37, disclosed recently.
Market Overview
- DOGE price corrected over 20% this past week to $0.2666.
- Futures open interest fell by 3.41% to $2.45 billion.
- 24-hour liquidations reached $8.38 million.
- Whale transaction counts have surpassed the 200-day moving average, suggesting potential buying activity.
- A similar situation led to a 52% price increase after a previous large drop.
Future Projections
- Potential rally to $0.40 anticipated if historical patterns hold.
- Analyst predicts DOGE could reach $10 by April 2025, based on past cycles.
- First cycle peaked 1,442 days post-initial high with a +21,821% increase.
- Second cycle also peaked 1,442 days later, surging +54,890% from low to high.
Currently in its third cycle, analysts suggest a peak may occur around mid-April 2025.