Outside Source
TL:DR;
- Dogecoin has joined the bull party with a massive surge over the past day that has taken it to its highest price tag in over a month.
- This comes amid the latest accumulation spree initiated by large investors known as whales.
Recall that the OG meme coin was hit hard during the broader market’s crash at the end of 2024, and its price tumbled from over $0.4 to $0.26 within days.
Since then, though, DOGE has been steadily rising and managed to defend the $0.3 support even during the latest correction that occurred at the start of the current business week.
Moreover, it bounced off in a spectacular fashion and jumped to $0.38 by Thursday. The bulls really stepped up on the gas pedal in the past several hours as they pushed its valuation to almost $0.42 for the first time since December 12.
Aside from the more obvious overall market resurgance, the other highly probable reason behind this impressive rally is the awakening of DOGE whales. Data shared by Ali Martinez shows that such large investors have accumulated 200 million tokens in the span of just 48 hours, which typically results in price increases due to the growing demand.
Whales have bought 200 million #Dogecoin $DOGE in the last 48 hours! pic.twitter.com/vYSI3C2cUs
— Ali (@ali_charts) January 16, 2025
Dogecoin could continue its rally in the following days and weeks, given the upcoming Trump inauguration. After all, Elon Musk, one of the biggest DOGE supporters, will lead a new administration under the president-elect called Department of Government Efficiency (DOGE).
This article first appeared at CryptoPotato
