Dogecoin (DOGE) has recently gained significant attention from investors, with strong performance and positive technical indicators suggesting a bright future for the meme coin.
In recent weeks, Dogecoin has shown remarkable growth, attracting the attention of investors. During October, Dogecoin rose by 21%, and within a single day, it climbed by another 3%, reaching $0.1220. The daily low for DOGE was $0.1176, while the high was $0.1294. Over the past 24 hours, its trading volume surged by 50%. On a weekly basis, DOGE has gained 13%, and on a monthly basis, the increase stands at 21%.
This surge in Dogecoin’s price is being supported by whale purchases and broader market dynamics. According to Whale Alert, an anonymous wallet purchased approximately 86.87 million DOGE, equivalent to $10.86 million. This massive acquisition has boosted investor confidence in the asset, further driving positive sentiment in the market.
Moreover, Dogecoin’s price movement gained momentum following news of Elon Musk’s $75 million donation to Donald Trump’s election campaign. Musk’s continued support for Dogecoin and his positive stance on cryptocurrencies are reinforcing optimism among investors.
Crypto analysts have now begun to consider the potential for Dogecoin to rise toward the $0.50 level. Data from Coinglass supports this expectation, showing that Dogecoin’s open interest in futures positions has risen by 20%, reaching $763.15 million, with derivative volume increasing by 61% to $3.78 billion. These figures reflect growing investor interest in DOGE.
Dogecoin Technical Analysis
According to IntoTheBlock, 76% of Dogecoin investors are currently in profit, while 21% are experiencing losses. The proportion of large investors is 62%, and the correlation with BTC stands at a high 0.85. Additionally, 67% of investors are holding DOGE long-term, with only 2% holding for a month or less.
Over the past week, whale transactions exceeding $100,000 have reached $1.88 billion, and there has been a slight increase in exchange inflows. Technical indicators generally point toward a bullish trend, with positive signals from large transactions, whale activity, and overall investor profitability.
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