Dogecoin has exhibited a good surge in the last few days, where the token price has increased more than 12% in seven days. At the time of writing, DOGE price is currently valued at $0.1587. The trading volume is also up by 38%, pushing the value to $1,653,651,967. However, the token did face a slight decline in the last 24 hours as the value has dropped 5%, and the market cap has reduced to $22,846,572,855 after a 5% decline as well.

Among all these ups and downs, the possibility of a Dogecoin bull run is predicted by many because of price surges and increased whale interference.

As per the whale alert data, the whales have moved more than 767 million DOGE coins from the Robinhood exchange in four transactions. All these transactions took place in the last 24 hours, and the DOGE was transferred to three wallet addresses.  It was the reason behind the price fall in Dogecoin value today.

Elon Musk Pushed The Dogecoin Price

Elon Musk has again teased the audience about accepting Dogecoin for payment at his company, Tesla. Earlier in March, Elon talked about the possibility of accepting Dogecoin in an event at the Tesla factory in Germany. This discussion was a part of the Q&A round, which asked, “When can you buy a Tesla with Dogecoin?”

Elon said, “You know, at some point, I think we should enable that.”

And now that has come true as Tesla has announced the acceptance of the Dogecoin for Merchandise shopping at Tesla. The EV  company also cleared that, at this time, they are only accepting Dogecoin.

Tesla only accepts Dogecoin. Tesla cannot receive or detect any other digital assets. Ensure you are making your purchase with Dogecoin. Sending any other digital assets may result in the assets being lost or destroyed. Non-Dogecoin digital assets sent to Tesla will not be returned to the purchaser

This is the second time Tesla has offered to buy a cryptocurrency. The company did accept Bitcoin in 2021 but has to shut that option soon.

Is The Bull Run On For Dogecoin?

Behdark, a famous crypto analyst, has shared the news of Dogecoin entering the bull rally. As per his analysis, the meme coin has gained support right above $0.1, which will assist in regaining the DOGE value in case the price drops. Moreover, he shared insights on the last 900 days’ data and concluded that Dogecoin was under a correction zone for a long and entering a bull run was the next thing.

Moreover, he claimed that the bull run for Dogecoin has been going since October 2023 and just faced a few ups and downs. However, the Behdark prediction hasn’t been supported much by the community. Investors believe that the meme king will need a little more time and more upward push for a bull run.

Final Thought

As Dogecoin is days or weeks away from the bully rally, the Tesla announcement has boosted its prices and demand. Once again, Elon Musk has cleared its direct intention of sending Dogecoin to the moon.

Dogecoin is aiming to surge to a week high, which might happen if it crosses the resistance level at $0.162. Once it goes above the resistance level, it will surge to $0,1944.

Read More Reasons Why XRP Price Might Target $5 By 2024 End

The post Is Dogecoin Price Already In A Bull Run? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am