The post Dogecoin Price Reaches 5-Month High: Here’s What’s Driving The Increase  appeared on BitcoinEthereumNews.com.

The Dogecoin price is flying high at the moment, having underperformed for most of this year. The meme coin recently rose to a five-month high, which indicates that the Dogecoin price is set to enjoy a bull run, which Elon Musk has so far driven.  Dogecoin Price Reaches 5-Month High The Dogecoin price recently rose to as high as $1.7, marking a five-month high for the foremost meme coin. This recent Dogecoin price rally is likely due to Elon Musk’s indirect support of DOGE through his proposed Department of Government Efficiency (D.O.G.E). DOGE whales have been buying the meme coin as they believe that Musk’s proposed ‘D.O.G.E’ presents a bullish outlook for the Dogecoin price.  IntoTheBlock data shows that these whales had accumulated throughout October, eventually leading to this Dogecoin price breakout. However, these whales are now looking to secure profits, which puts the Dogecoin price at risk of a significant price correction. Further data from IntoTheBlock shows that the DOGE inflows into exchanges have surged, indicating that these whales are looking to sell their coins.  Why Investors Should Buy The Ethereum Token ETFSwap (ETFS) Investors in ETFSwap (ETFS) could stand to enjoy gains in this market cycle and could be better off focusing on the Ethereum token because it boasts a unique utility that will send its price skyrocketing, unlike DOGE, which thrives mainly on hype.  The Ethereum token is the native token of the ETFSwap (ETFS) platform, which offers tokenized exchange-traded funds (ETFs) and crypto assets in one place. Investors can easily swap the token for their desired asset. At the same time, they can convert their ETFs to crypto assets and vice versa using the Ethereum token.  The opportunity to invest in ETFs and crypto assets in the same place will attract both traditional finance (TradFi) and…

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Filed under: News - @ November 8, 2024 6:28 pm