- DOGE rose 3% to $0.157 in the hours following the Bitcoin halving.
- Whales had been taking lengthy positions for DOGE in the futures market.
The crypto trade witnessed certainly one of its most celebrated occasions — the Bitcoin halving — and instantly, the focus shifted to how the broader market reacted.
DOGE’s historic relationship with halving
Dogecoin [DOGE], the largest memecoin by market cap, rose 3% to $0.157 in the hours following the prevalence, information from CoinMarketCap confirmed.
While it retraced to $0.152 at press time as a consequence of profit-taking, it turned clear that DOGE speculators had been linking the coin’s development prospects with the halving.
DOGE existed throughout the final two halvings of Bitcoin [BTC].
While the one in 2016 didn’t impression DOGE decisively, the 2020 occasion led to a 4% decline in the meme coin’s worth in per week, and almost 6% in a month, AMBCrypto examined.
However, the worth began to rise six months after the halving. By the finish of 2020, DOGE hit $0.004592, up 75% since halving.
The market then gained bullish momentum, and DOGE exploded to its all-time excessive (ATH), nearly a yr since halving.
Source: CoinMarketCap
A sooner journey in direction of ATH this time?
DOGE military would desire a repeat of that feat. To their delight, DOGE might obtain it a lot sooner this time round.
Popular crypto dealer Kevin C. aka Yomi made a bold prediction that DOGE might hit or get near its ATH of $0.73 by July/August. Yomi got here to the conclusion by averaging out historic information from earlier cycles.
Realistic or not, right here’s DOGE’s market cap in BTC phrases
Sentiment biased in direction of the bullish facet
Whale buyers appeared bullish on the coin’s prospects. According to AMBCrypto’s evaluation of Hyblock Capital’s information, whales had larger lengthy publicity than retail on Binance [BNB] as of this writing.
Source: Hyblock Capital
Moreover, the market sentiment tilted in direction of greed, suggesting an enhance in shopping for strain in the days forward.