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Dogecoin

Here’s Why The Dogecoin Price Surged 10% In The Last Day

Scott Matherson
by Scott Matherson
8 months ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Dogecoin price has surged by 10% in the last 24 hours, sparking a bullish sentiment among DOGE investors. This price surge has occurred due to several factors, including heavy accumulation among crypto whales. 

Why The Dogecoin Price Surged 10% In The Last Day 

The Dogecoin price surged by 10% in the last day partly due to heavy whale accumulation. In an X post, crypto analyst Ali Martinez revealed that these whales bought 1.83 billion DOGE in the space of 48 hours. The analyst also revealed that these Dogecoin whales are still accumulating as they recently bought another 590 million DOGE in the last 24 hours.

Related Reading: Dogecoin Open Interest Explodes Ahead Of Donald Trump Inauguration, Traders Bet On $1

This accumulation trend has put significant buying pressure on the Dogecoin price, leading to this 10% surge. Whales are known to play a huge role in price discovery and could easily cause the foremost meme coin to rise higher if they sustain this accumulation trend.

Dogecoin
DOGE seeing huge whale accumulation | Source: Ali Martinez on X

Another reason the Dogecoin price has surged 10% in the last day is because of the first-ever DOGE exchange-traded fund (ETF) filing with the US Securities and Exchange Commission (SEC). On January 21, REX Shares, in collaboration with Osprey, filed with the Commission to offer an ETF that will give institutional investors exposure to the foremost meme coin. 

This is bullish for the Dogecoin price, considering the amount of institutional funds that could flow into DOGE’s ecosystem if the SEC approves the ETF. Dogecoin could easily witness a massive surge if this ETF finally comes to life. Meanwhile, the foremost meme coin also surged by 10% because of the formal establishment of the Department of Government Efficiency (DOGE), which Elon Musk will head.

The department’s establishment is bullish for the Dogecoin price because Musk is believed to have drawn inspiration from the ‘DOGE’ ticker while coining the name for the department. Moreover, the DOGE website featured a Dogecoin logo when it went live yesterday. 

More Upside For DOGE Soon Enough

In his recent analyses, Martinez suggested that the Dogecoin price is bound to enjoy more moves to the upside soon enough. In an X post, the crypto analyst remarked that DOGE is still holding above the breakout zone, showing resilience and potential for further upside. His accompanying chart showed that the foremost meme coin could rally to $0.5 in the short term.

Related Reading: Machine Learning Algorithm Predicts When The Dogecoin Price Will Hit $1, It’s Not That Far Away

Meanwhile, in the long term, Martinez predicted that the DOGE price could rally to as high as $15. This came as he mentioned that DOGE appears to be trading inside a multi-year ascending parallel channel that projects a bullish target of $15. 

At the time of writing, the DOGE price is trading at around $0.36, up 7% in the last 24 hours, according to data from CoinMarketCap.

Dogecoin
DOGE trading at $0.36 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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