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Cryptocurrency News Articles
Dogecoin (DOGE) Price Skyrockets as Whales Accumulate and Elon Musk Makes “Dogefather” Remarks
Sep 27, 2024 at 10:59 am
Market sentiment surrounding Dogecoin (DOGE) has turned bullish, driven by recent whale accumulation and comments from Elon Musk.
Elon Musk's recent comments and cryptic tweets have sparked a renewed interest in Dogecoin (DOGE), leading to a surge in whale accumulation and a bullish outlook for the token.
As reported by Cryptopotato in a recent post, Musk teased DOGE's potential role in the Department of Government Efficiency with his tweet.
Meanwhile, crypto market analyst Ali Martinez reported on X that over 1.40 billion DOGE tokens were acquired by whales in the past 48 hours. This massive accumulation pushed 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!”
This shift in sentiment is further fueled by Musk's "Dogefather" remarks on X, which have reignited investor interest in the dog-themed cryptocurrency.
Whale Accumulation Pushes DOGE Price Higher
This surge in whale activity played a key role in driving up DOGE's price, as the token breached a significant resistance level. Notably, around 62,000 addresses hold over 36 billion DOGE at this critical price point.
According to analysts, if the price manages to hold above $0.111, it could lead to a major bullish breakout.
This shift in sentiment aligns with gains across the meme coin sector, with SHIB, PEPE, and WIF surging between 8% and 15%.
Moreover, data from Coinglass shows a 12% rise in DOGE's futures open interest, which now stands at $600.32 million.
At the same time, there was a 34% surge in derivatives volume to $1.39 billion, signaling a continuing uptrend for the coin.
At the time of writing, Dogecoin (DOGE) is trading at $0.1174, up 8.10% in the last 24 hours and 12.53% in the past week.
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