- DOGE rose 3% to $0.157 in the hours following the Bitcoin halving.
- Whales were taking long positions for DOGE in the futures market.
The crypto industry witnessed one of its most famous events – the Bitcoin halving – and immediately the focus shifted to the reaction of the market as a whole.
DOGE’s Historical Relationship to Halving
Dogecoin (DOGE), the largest memecoin by market capitalization, rose 3% to $0.157 in the hours following the event, according to data from CoinMarketCap.
Although it fell back to $0.152 at press time due to profit-taking, it became clear that DOGE speculators were linking the coin’s growth prospects to the halving.
DOGE existed during the last two halves of Bitcoin (BTC).
Although the 2016 one did not have a decisive impact on DOGE, the 2020 event led to a 4% drop in the price of the meme coin in a week and almost 6% in a month, examined AMBCrypto.
However, the price started to increase six months after the halving. At the end of 2020, DOGE reached $0.004592, up 75% since its halving.
The market then gained bullish momentum and DOGE exploded to its all-time high (ATH), about a year after its halving.
Source: CoinMarketCap
A faster trip to the ATH this time?
The DOGE army would like to repeat this feat. Much to their delight, DOGE might get there much sooner this time around.
Popular crypto trader Kevin C., aka Yomi, made a bold prediction that DOGE could reach or get close to its ATH of $0.73 by July/August. Yomi arrived at this conclusion by averaging historical data from previous cycles.
Realistic or not, here is the market capitalization of DOGE in BTC terms
Sentiment biased to the bullish side
Whaling investors seemed optimistic about the coin’s prospects. According to AMBCrypto’s analysis of Hyblock Capital data, whales had higher long exposure than retail on Binance (BNB) at the time of writing.
Source: Hyblock Capital
Additionally, market sentiment was leaning towards greed, suggesting increased buying pressure in the days to come.
News Source : ambcrypto.com
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