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 price of DOGE has soared 33% in the past 24 hours and 97% in the past 7 days. Its market value has exceeded USDC and ranks sixth in total market value. This is related to Trump's election. Musk is a strong campaigner for Trump, and the name of the new department Musk claims…
— Wu Blockchain (@WuBlockchain) November 11, 2024
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 WHALES BOOST PRICE HOPES WITH 311M DOGE
Dogecoin whales have been making big moves, withdrawing over 311 million DOGE from exchanges, with some massive transactions including 200 million coins from Binance and 111 million from Robinhood.
This surge in whale activity,… pic.twitter.com/UT6JjCr63o
— Crypto Town Hall (@Crypto_TownHall) November 11, 2024
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.
#Dogecoin $DOGE is about to go parabolic! Based on historical patterns, a potential top might lie between the 1.618 and 2.272 levels, translating to a price range of $3.95 to $23.26. pic.twitter.com/FqvC3AEF7o
— Ali (@ali_charts) November 10, 2024
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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