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.
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.
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.
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.
