Amid the crypto market’s bull cycle, Dogecoin whales have been accumulating their Dogecoin holdings after purchasing 140 million coins worth $56 million on November 15, 2024.
#Dogecoin whales bought 140 million $DOGE in the last 24 hours, worth around $56 million! pic.twitter.com/ROFi7giNXy
– Ali (@ali_charts) November 15, 2024
Dogecoin on the rise
Over the past month, the price of DOGE has surged over 189%. The rally intensified after the victory of pro-crypto presidential candidate Donald Trump on November 5, 2024.
Additionally, Donald Trump on Tuesday named Dogecoin enthusiast and tech mogul Elon Musk to head the Department of Government Effectiveness (DOGE). It is a well-known fact that Elon Musk has often promoted the coin on X (formerly Twitter) and publicly.
With money now flowing into DOGE, crypto experts are expecting a massive rise in its value.
According to CoinMarketcapDOGE is currently hovering around $0.36 with a market cap of $52.16 billion. However, over the past 24 hours, trading volume dropped by 32.03%.
Instead of a poor performance in daily trading volume, community sentiments remain optimistic. Some experts on X suggest that DOGE is currently consolidating within a 2-day price range at $0.36 resistance. Once it crosses the $0.44 mark, the community will be able to see DOGE break its previous ATH of $0.73 and take it to the moon.
The ATH is at your fingertips $DOGE
We are currently consolidating within a 2-day price range after clearing the $0.36 resistance.
breakout above $0.44 range and we can continue up to $0.73 ATH and above pic.twitter.com/XTP37pkPtw
– Trade4ddict (@Trade4ddict) November 14, 2024
In the coming days, many bullish events are expected to take place, likely to directly or indirectly influence the price of the token. For example, the crypto community is now interested in Trump’s flowery promise to create a Bitcoin reserve. If this happens, DOGE could also benefit.
To fuel this rally, another piece of good news recently came: a lawsuit accusing Elon Musk of rigging DOGE was closed. This may give Elon Musk the space to once again express his love for DOGE, which has been his favorite for so long.
Read also: Dogecoin Price Rises 4% After DOGE Leader Elon Musk’s X Post