- Elon Musk’s comments and whale accumulation have pushed Dogecoin past a critical $0.111 resistance level.
- Dogecoin’s price surge aligns with increased on-chain activity and market optimism, supported by Musk’s influence.
Market sentiment surrounding Dogecoin (DOGE) has turned bullish, driven by recent whale accumulation and comments from Elon Musk. For example, as discussed in a recent CNF post, Elon Musk teased DOGE as the Department of Government Efficiency.
Furthermore, according to crypto market analyst Ali Martinez’s recent tweet on the X platform, it is reported that over 1.40 billion DOGE tokens were acquired by whales in the past 48 hours, pushing the token past a crucial resistance level of $0.111.
#Dogecoin whales bought over 1.40 billion $DOGE in the past 48 hours, worth around $140 million! pic.twitter.com/mBXMti2y3V
— Ali (@ali_charts) September 26, 2024
This shift is further fueled by Musk’s “Dogefather” remarks on X, which have reignited investor interest in the dog-themed cryptocurrency.
Whale Accumulation Boosts DOGE Price Outlook
The surge in whale activity is considered a key factor in Dogecoin’s price rise, as the token breached a significant resistance level. Around 62,000 addresses hold over 36 billion DOGE at this critical price point, and analysts believe that if the price holds above $0.111, it could lead to a major bullish breakout.
The recent surge in DOGE’s value aligns with gains across the meme coin sector, including SHIB, PEPE, and WIF, which saw increases between 8% and 15%. Additionally, Coinglass data shows a 12% rise in DOGE’s futures open interest, now at $600.32 million, and a 34% surge in derivatives volume to $1.39 billion, signaling an ongoing uptrend for the coin.
At the time of writing, Dogecoin (DOGE) is trading at $0.1174, having surged by 8.10% in the last 24 hours and 12.53% in the past week. See DOGE price chart below.
Optimism for DOGE’s Future Growth
The positive momentum for DOGE continues to build, with crypto analyst Mikybull Crypto predicting the “final phase expansion” for the token in this cycle. A recent price analysis from CoinGape supports this optimism, as the project founder reiterated his commitment to Dogecoin, refusing to create another coin.
This confluence of factors suggests that Dogecoin is riding a wave of bullish sentiment in the broader digital asset market.
