Crypto News

Dogecoin Surges As Whales Accumulate And Market Value Climbs Amid Political Buzz

Dogecoin ($DOGE) has seen an extraordinary price rally, soaring 33% in the last 24 hours and 97% over the past week, pushing its market value above that of USDC and placing it sixth among top cryptocurrencies.

This surge is partly attributed to political factors, as Elon Musk—a vocal supporter of Donald Trump—has hinted at establishing a new division called “D.O.G.E.” This move, aligned with Trump’s election campaign, has stirred investor enthusiasm.

The excitement around $DOGE is also driven by significant whale activity, with major investors withdrawing over 311 million DOGE from exchanges. Key transactions include a massive 200 million DOGE withdrawal from Binance and another 111 million from Robinhood. The robust whale buying and shifting activity has helped fuel $DOGE’s rally, driving its price up to $0.28.

Dogecoin DOGE Trading Volume Soars 

Adding to the momentum, $DOGE’s trading volume has spiked 222%, further indicating heightened interest and optimism for its future. Crypto analyst Ali Martinez suggests that Dogecoin could be on the verge of a parabolic run. Based on historical trends, Martinez projects a potential price range between $3.95 and $23.26, aligning with key Fibonacci retracement levels (1.618 to 2.272), which could mark a possible top for this bull cycle.

As Dogecoin’s price action continues to gather steam, many believe the combined influence of political factors, whale moves, and heightened trading activity could drive DOGE to new highs. This wave of enthusiasm showcases Dogecoin’s ability to capture market attention and underscores the community’s optimism about its future trajectory.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: promesaartstudio/123RF // Image Effects by Colorcinch

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