On-Chain Analyst: ‘DOGE Accumulation Looking Stronger Than Anything Right Now’

On 5 June 2024, crypto analyst Cole Garner posted a provocative prediction on the social media platform X (formerly known as Twitter).

As soon as Musk announces DOGE for payments in this app:

DOGE narrative becomes undisputed silver to BTC’s gold.

DOGE accumulation looking stronger than anything right now. pic.twitter.com/CIuU1mRya0

— Cole Garner (@ColeGarnersTake) June 5, 2024

Cole Garner is a well-known figure in the cryptocurrency space, recognized for his expertise as an on-chain analyst and market cyclist. His work primarily focuses on analyzing Bitcoin market trends and predicting price movements using various metrics and indicators. Garner frequently shares his insights on social media platforms, particularly X, where he provides detailed analysis on Bitcoin’s market dynamics. One of his notable contributions is the analysis of whale accumulation trends, which he believes are crucial for a bull market. He emphasizes that whale behavior, where large-volume investors hold or accumulate BTC, often precedes significant price surges

Let’s break down each element of Garner’s post and its implications for Dogecoin (DOGE) and the broader cryptocurrency market.

Musk’s acquisition of Twitter (now rebranded as X) was a complex and highly publicized process. Musk first disclosed his 9.2% stake in Twitter on 4 April 2022, making him the largest shareholder. Following some initial drama, including an offer to join Twitter’s board and subsequent refusal, Musk made a formal offer to buy the company on 14 April 2022 for $44 billion, or $54.20 per share. This offer was initially met with skepticism and resulted in a “poison pill” strategy by Twitter’s board to prevent a hostile takeover​​​​.

After months of negotiations, public disputes over spam accounts, and legal battles, Musk completed the acquisition on 27 October 2022. Upon completion, he immediately made significant changes, including firing key executives such as CEO Parag Agrawal and CFO Ned Segal​​.

The acquisition was part of Musk’s broader vision to transform Twitter into an “everything app” called X, similar to China’s WeChat, where users can handle a wide range of activities including payments. This strategic direction has led to speculation about integrating cryptocurrencies, particularly Dogecoin (DOGE), as a payment method on the platform​.

Musk has been a vocal supporter of Dogecoin for several years.

Dogecoin might be my fav cryptocurrency. It’s pretty cool.

— Elon Musk (@elonmusk) April 2, 2019

They have the best coin

— Elon Musk (@elonmusk) March 3, 2020

His tweets and public statements have often led to significant price movements in the cryptocurrency market.

Source: TradingView

As CoinDesk reported in January 2024, X has introduced a dedicated account for its forthcoming payments feature, sparking speculation within the cryptocurrency community about potential integration of digital currencies. The X app is expected to launch its in-app payment services by mid-2024, generating significant anticipation.

Source: X

Meanwhile, Elon Musk has enabled Dogecoin as a payment option in Tesla’s merchandise store and frequently references it on social media. This has led many to speculate that Dogecoin could be the first cryptocurrency integrated into X if any digital currency is adopted.

The possibility of DOGE being used for transactions on X is seen as a major milestone. It would significantly enhance the utility of Dogecoin, transforming it from a meme coin into a legitimate currency for everyday transactions. This integration aligns with Musk’s vision of turning X into an “everything app,” akin to China’s WeChat, where users can handle a variety of tasks, including messaging, social networking, and payments​​​​.

In the world of cryptocurrencies, Bitcoin (BTC) is often referred to as “digital gold” due to its store of value and dominance in the market. By likening Dogecoin to “silver” in this analogy, Garner is suggesting that DOGE could become the second most significant cryptocurrency in terms of usage and popularity. This narrative shift would elevate Dogecoin from its current status as a speculative asset to a more stable and widely recognized cryptocurrency. If X successfully integrates DOGE for payments, it could lead to broader acceptance and adoption, further cementing its position alongside Bitcoin.

Garner’s observation about the strong accumulation of DOGE indicates that investors are increasingly buying and holding the cryptocurrency in anticipation of its future potential. This accumulation trend suggests that market participants are optimistic about Dogecoin’s prospects, particularly with the expected announcement from Musk regarding its integration into X​​​​.

#Dogecoin whales have bought an additional 200 million $DOGE since May 30! pic.twitter.com/gjeoGWMM4R

— Ali (@ali_charts) June 4, 2024

At the time of writing, DOGE is trading at around $0.1629, up 3.4% in the past 24-hour period and up 80% in the year-to-date period.

Source: TradingView

Featured Image via Unsplash

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