Dogecoin Price Reaches Three-Month Peak
The price of Dogecoin (DOGE) reached a three-month peak of $0.076 on Wednesday, marking a 23% increase in the past 30 days. This surge has positioned Dogecoin as one of the top-performing assets in the meme coin market this week, surpassing the likes of PEPE and Shiba Inu (SHIB).
Whale Investors Boost DOGE Price
Recent data from IntoTheBlock reveals that whale investors have significantly increased their investment in Dogecoin over the past month. Whales holding at least $100,000 worth of DOGE have increased their holdings from $7.65 billion to $9.35 billion between Oct. 8 and now, signaling a $1.7 billion increase in investment.
Retail Market Demand Surges
Not only have whale investors shown confidence in DOGE price prospects, but retail market participants have also started buying. Data from 10 crypto exchanges indicates that buy orders for Dogecoin have surpassed supply in the spot markets. With fewer DOGE coins currently up for sale relative to demand, buyers may need to increase their bids to fill their orders quickly.
Road to $0.1: A Possibility?
Analysts predict that the investor sentiment surrounding DOGE remains largely bullish, with the potential for the price rally to reach $0.1 if crypto whales continue buying Dogecoin. However, there is a possibility for an early retracement if holders of significant amounts of DOGE at higher prices decide to exit their positions.
Hot Take: Dogecoin’s Bullish Momentum Continues
The recent surge in Dogecoin’s price, fueled by growing whale and retail investor interest, suggests that the cryptocurrency may be on a path towards reaching the elusive $0.1 territory. With strong support from institutional and individual investors, it’s likely that Dogecoin’s bullish momentum will continue into the coming weeks.
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