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Cryptocurrency News Articles
Elon Musk's 'Dogefather' Post Ignites Dogecoin Market, Whales Amass $140M in DOGE
Sep 27, 2024 at 04:47 am
Elon Musk’s latest ‘Dogefather’ post has sent shockwaves through the Dogecoin market, propelling the token past critical resistance levels.
Elon Musk has once again shown his support for Dogecoin, and the token is surging past critical resistance levels. Whale investors are snapping up over $140 million in DOGE as excitement around the meme coin reaches fever pitch.
Musk posted a photo of the puppy that inspired Dogecoin on X today, and captioned it "Dogefather." This comes after recent reports of Dogecoin whale accumulations and the token's price surging at critical resistance.
Elon Musk’s 'Dogefather' Post Ignites Dogecoin Market
According to whale data streamlined by Ali Martinez on September 26th, DOGE whales have been active and have quickly snatched up over 1.40 billion Dogecoin coins in the last 48 hours. These enormous holdings are collectively valued at close to $140 million. Notably, the market's bullish sentiment toward the coin is evident in the surge in whale accumulation.
Whale Investors Amass $140M in Dogecoin
Meanwhile, in another article, the crypto expert highlighted that the price of Dogecoin had sprinted past the critical resistance of $0.111. Around 62,000 addresses hold over 36 billion DOGE at this level of resistance. In this regard, the analyst has asserted that a bullish breakout is imminent if the dog-themed meme coin manages to break above the specified resistance.
Gaining about 5% in the last day, the price of Dogecoin settled at $0.1149. As per the records, the intraday low for the coin was $0.1071, and the high for the day was $0.1146. The increasing value of the coin aligns with the broader uptick in the meme coin market.
DOGE Breaks Resistance, Aims for New Highs
Notably, as reported by Coingape, the prices of SHIB, PEPE, and WIF also surged by around 8%-15% today. At the same time, it is worth noting that the coin is currently riding the wave of massive buying pressure triggered by the whale accumulations.
Meanwhile, data from Coinglass showed that the futures open interest (OI) in Dogecoin increased by 12% to $600.32 million. Moreover, the volume of derivatives increased by almost 34% to $1.39 billion in the last day. In sum, the market data indicates that the coin is currently trending upwards.
DOGE Futures and Derivatives Show Strong Market Momentum
Amidst the ongoing price surge of the token and the comments by Elon Musk, the latest bullish on-chain statistics have emerged as significant DOGE news today.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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