Dogecoin (DOGE) is getting ready for what will happen when Bitcoin is split in half. It is the center of attention in the world of cryptocurrency.
A lot of people, both experts and fans, are very interested in what will happen with this famous memecoin.Something new happened not long ago that has made people in the crypto world argue and guess.
A person caught by the blockchain tracker Whale Alert quickly moved an incredible 100 million Dogecoins, worth $15.25 million, from the well-known trade site Robinhood to a wallet that no one knows about. This significant move is being talked about a lot, and many people want to know what it means for DOGE’s future.
Dogecoin Hoarding Amid Bitcoin’s Halving
When a lot of cryptocurrencies are put into wallets that aren’t used on an exchange, it usually means that people are hoarding them instead of selling them right away. Could this immense transfer be a planned move to get ready for Bitcoin’s split, which is known to cause significant shifts in the market for cryptocurrencies?
Looking back at history, it looks positive for Dogecoin. Memecoins like DOGE have previously gone through the roof in value months after Bitcoin was halved. As of right now, DOGE is holding on to $0.15, having seen an impressive 4.64% rise in just 24 hours.
However, warning signs show up in the on-chain data that Santiment provides, pointing to a possible dip on the way. The rise in the number of Dogecoins in circulation—at 1.07 billion right now—indicates more action while fewer coins are being taken out of circulation. In the event that this trend continues, it could make DOGE less valuable.
On the other hand, there are different stories about how fast Dogecoin works. In this case, a number of 1.49 means that coins are being spent, which is a good sign for the economy. DOGE, on the other hand, has slowed down, which shows that people don’t want to give up the coin.
To try to guess what will happen with DOGE in the future, analysts are paying close attention to how Dogecoin and Bitcoin work together. The strong correlation coefficient of 0.94 between DOGE and Bitcoin over the last 90 days shows that they have moved very similarly. However, DOGE has done much better than Bitcoin during that time.
