‘The Dogefather’ Strikes Again— Elon Musk’s Post Boosts DOGE Prices
The post ‘The Dogefather’ Strikes Again— Elon Musk’s Post Boosts DOGE Prices appeared on BitcoinEthereumNews.com.
Elon Musk’s comments and whale accumulation have pushed Dogecoin past a critical $0.111 resistance level. Dogecoin’s price surge aligns with increased on-chain activity and market optimism, supported by Musk’s influence. Market sentiment surrounding Dogecoin (DOGE) has turned bullish, driven by recent whale accumulation and comments from Elon Musk. For example, as discussed in a recent CNF post, Elon Musk teased DOGE as the Department of Government Efficiency. Furthermore, according to crypto market analyst Ali Martinez’s recent tweet on the X platform, it is reported that over 1.40 billion DOGE tokens were acquired by whales in the past 48 hours, pushing the token past a crucial resistance level of $0.111. #Dogecoin whales bought over 1.40 billion $DOGE in the past 48 hours, worth around $140 million! pic.twitter.com/mBXMti2y3V — Ali (@ali_charts) September 26, 2024 This shift is further fueled by Musk’s “Dogefather” remarks on X, which have reignited investor interest in the dog-themed cryptocurrency. Whale Accumulation Boosts DOGE Price Outlook The surge in whale activity is considered a key factor in Dogecoin’s price rise, as the token breached a significant resistance level. Around 62,000 addresses hold over 36 billion DOGE at this critical price point, and analysts believe that if the price holds above $0.111, it could lead to a major bullish breakout. The recent surge in DOGE’s value aligns with gains across the meme coin sector, including SHIB, PEPE, and WIF, which saw increases between 8% and 15%. Additionally, Coinglass data shows a 12% rise in DOGE’s futures open interest, now at $600.32 million, and a 34% surge in derivatives volume to $1.39 billion, signaling an ongoing uptrend for the coin. At the time of writing, Dogecoin (DOGE) is trading at $0.1174, having surged by 8.10% in the last 24 hours and 12.53% in the past week. See DOGE price chart…
Filed under: News - @ September 27, 2024 6:12 am