Dogecoin’s Surge
If you’ve been following Dogecoin, you’ll be pleased to know that in the past 24 hours, its value has risen above $0.76 after a period of trading within a specific range. It has been performing impressively over the past month, with an increase of 25.9%.
Whales are responsible for this significant surge, actively acquiring large amounts of DOGE and adding more than $2 billion worth of it to their portfolios in the last 30 days.
Dogecoin Whales Inject $2 Billion Into DOGE In 30 Days
According to IntoTheBlock, a crypto analytics platform, data on Dogecoin whale activity suggests a prevailing bullish sentiment. The balance of addresses holding between $100,000 to $1 million worth of DOGE has increased by 24.31% in the past month. Addresses holding between $1 million to $10 million increased by 27.43%, and those holding over $10 million increased by 29.28%.
This accounts for an additional $2.099 billion acquired in DOGE within the past month.
This activity is a positive sign for regular investors, indicating ongoing whale accumulation which could drive up DOGE’s price trajectory.
Will DOGE Return To $0.1?
The increasing demand and whale accumulation indicate a positive sentiment around Dogecoin. A notable injection of capital into Dogecoin could significantly impact its price. Analysts believe that if DOGE breaks above $0.76, it could potentially reach $0.084 and even push back up to $0.1.
Hot Take
The recent surge in Dogecoin’s value is largely attributed to significant investment from whales and increasing demand for the cryptocurrency, which indicates positive sentiment around it. If this trend continues, there’s potential for further growth, with analysts suggesting that it could reach or surpass the $0.1 mark in the near future.
Source: IntoTheBlock
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