Dogecoin DOGE/USD is predicted to rebound from its correction after a strong pump to $0.40.
What Happened: Investors have decided to withdraw the $258 billion class-action lawsuit filed against Elon Musk in 2022, which alleged market manipulation through social media posts.
The withdrawal is pending approval by U.S. District Judge Alvin K. Hellerstein, could remove a key overhang on DOGE's price, Binance reported.
Whale Alert flagged a transfer of 198.5 million DOGE, worth $71.98 million, from an unknown wallet to Coinbase.
This move has fueled speculation of a potential bullish rally, as whale activity often signals upcoming price action.
Meanwhile, Coinbase CEO Brian Armstrong‘s recent endorsement of the “Department of Government Efficiency (D.O.G.E.)” has inadvertently boosted Dogecoin sentiment.
| Cryptocurrency | Price | Market Cap | 24-Hour Trend | 7-Day Trend |
| Dogecoin DOGE/USD | $0.3643 | $53.5 Billion | +1% | +25.3% |
| Shiba Inu SHIB/USD | $0.00002452 | $14.5 Billion | -0.9% | -4.9% |
| Pepe PEPE/USD | $0.00002099 | $8.8 Billion | -0.02% | +71.9% |
Trader Notes: Bluntz Capital views DOGE’s recent 23% dip as a technical correction within a broader impulse.
He predicts a strong rally, calling this week a "DOGE Week," during which the coin could siphon liquidity from smaller meme coins.
Crypto Daily Trade Signals forecasts Dogecoin reaching $0.50 by late November or early December.
Chart analyst Ali Martinez highlights substantial room for upward movement, while another trader describes the current rally as only the first phase of a longer bullish cycle.
Statistics: IntoTheBlock data shows large transaction volume increasing by 41.1% and daily active addresses up by 34.9%.
Bitinfocharts shows DOGE addresses with 10 to 100 billion DOGE doubling to two from one.
Coinglass data shows DOGE short and long liquidations at their lowest since Nov. 2 at $2.5 million and $3.1 million, respectively. Open interest at $2.9 billion continues to keep growing to all-time high levels.
What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next:
Image: Unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
