Zinger Key Points
- Dogecoin’s technical charts point to an upcoming bullish run to $0.5 very soon.
- A significant whale transfer of $71 million worth DOGE was seen from unknown wallet to Coinbase.
- Get New Picks of the Market's Top Stocks
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.
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