Dogecoin (DOGE) Price Jumps 20% as Whales Accumulate $6B Worth of the Meme Coin

After a 20% surge in the past week, Dogecoin (CRYPTO: DOGE) has seen a remarkable surge in price. This price increase is largely due to the actions of whales, who have now accumulated over $6 billion in DOGE. Here's a closer look at what's driving Dogecoin's price and what might be in store for the popular meme coin.

What Happened: Dogecoin's price has surged by more than 20% in the past week, as鲸鱼have scooped up the asset in a move that could be signaling bullish news for the meme coin.

According to Benzinga Pro data, Dogecoin trades at an average price of $0.08 on Friday morning.

A recent report by Santiment noted that the large investors have now acquired more than $6 billion in DOGE in the past week. This level of accumulation is said to be the highest since April 2021.

The recent price increase comes as several technical indicators are also signaling bullish news for DOGE. The price of the meme coin has been trading above several key resistance levels.

Dogecoin also trades in a trend known as higher highs and higher lows, which is another sign of an uptrend in the technical analysis.

Several traders are now watching for continued price strength in DOGE. Some traders anticipate the coin could reach new highs if the momentum continues.

The combination of technical strength and whale activity is fueling optimism among investors, who are betting on further price appreciation in the near term.

As a meme coin, Dogecoin's price movements are also influenced by social media trends and the enthusiasm of its large community. The Shiba Inu-inspired cryptocurrency has amassed a passionate following over the years and the growing excitement around its recent gains is no exception.

With more attention on DOGE, the potential for viral rallies and community-driven growth remains high. Influential figures, such as Elon Musk, have played a key role in Dogecoin’s price movements in the past, and their support could once again boost the coin’s value if social media chatter continues to rise.