Dogecoin Whales continue their bullish support for DOGE, with trading volumes surging in the last 24 hours. Large DOGE trading hit $812 million in 24 hours as a bullish wedge pattern emerged. This figure is 83.53% higher than the previous day and 113.6% higher than the day before that. Whales are hoping to spark a rally in the asset that has failed to do so for months.
The exact amount of DOGE traded by whales is 8.1 billion coins. This is a 74.56% increase in the past 24 hours. The average whale traded amount in DOGE was 9,020,044 coins, or $905,178.17. This means that on average, whales traded 9 times the minimum amount of $100,000 needed to be classified as a whale. These trades are usually the catalyst for a bull run for the coin. If the price of Dogecoin rises a little due to the trades, it could lead to an upswing for both Dogecoin and other meme coins.
Dogecoin has not been able to break above $0.20 since the end of March following a sustained bull run in the market. August was a particularly tough month for the asset as the cryptocurrency market as a whole took a hit. September is expected to see an overall recovery due to a possible interest rate cut by the Federal Reserve. This realization has resulted in mixed reactions from crypto investors, but overall holders are expecting DOGE, Bitcoin and other currencies to rise in value.
Besides whales, what else could be driving the price of Dogecoin?
DOGE can fluctuate at any time, from an endorsement by Elon Musk to a positive update from the Dogecoin Foundation. Additionally, many holders are optimistic that DOGE will explode if Donald Trump is elected president in the 2024 US presidential election and has Musk in his cabinet. Outside of Musk news, however, the dog-themed cryptocurrency has been quiet. Over the past year, the coin’s price has risen 45%. Obviously, most of that growth has occurred between the end of 2023 and early 2024. Since March, DOGE has been largely stagnant despite consistent trading volume. The rise in TV hasn’t translated into pumping the asset, instead allowing rival coins such as “Dogecoin killer” Shiba Inu to thrive.
Reaching $1 has been a long-standing hurdle for DOGE. About three years ago, the asset hit an all-time high of $0.7376, the closest DOGE came to the dollar milestone. Currently, the meme coin is 87% below this peak.
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