Whales Purchase 1.83 Billion Dogecoin as Market Shows Bullish Trends
Dogecoin (DOGE) Update
- Whale activity increased, with 1.83 billion DOGE purchased by large holders.
- Current market cap for DOGE is $55 billion; it is trading at $0.37.
- Price has surged 15% over the past week; 24-hour trading volume reached $10.2 billion, a 50% rise.
Technical Analysis
- DOGE is in a multi-year ascending parallel channel indicating potential bullish movement.
- Crypto analyst suggests a price target of $15 and notes a breakout from a bullish pennant formation.
- Relative Strength Index (RSI) at 53.60 indicates buyer strength, supporting a move towards $0.4.
- Historical trends show significant growth following U.S. presidential inaugurations, with potential price targets up to $20.
- Speculation exists that DOGE could exceed $1 by January's end based on historical performance.
Memecoin Market Overview
- The memecoin market capitalization stands at $116 billion, with a 124% increase in trading volumes recently, now at $81 billion.
- Market activity spikes coincide with Trump’s inauguration, raising expectations for crypto-friendly policies.
- DOGE maintains its status as the leader in the memecoin sector amidst rising competition from new entrants like TRUMP.
