Amid the bull cycle in the crypto market, Dogecoin whales piled up their Dogecoin stakes after purchasing 140 million coins at the worth of $56 million on Nov 15, 2024.
#Dogecoin whales bought 140 million $DOGE in the past 24 hours, worth around $56 million! pic.twitter.com/ROFi7giNXy
— Ali (@ali_charts) November 15, 2024
Dogecoin on the Rise
In the last month, DOGE’s price has surged over 189%. The rally was intensified after pro-crypto presidential candidate, Donald Trump emerged victorious on Nov 5, 2024.
Additionally, Donald Trump appointed the Dogecoin lover and tech mogul, Elon Musk to lead the Department of Government Efficiency (D.O.G.E) on Tuesday. It’s a quite known fact that Elon Musk often promoted the coin on X (formerly known as Twitter) and publicly.
As cash is now flowing into DOGE, crypto experts are expecting a massive breakout in its value.
According to CoinMarketcap, DOGE is currently revolving around $0.36 with $52.16 billion in the market cap. However, in the last 24 hours, trading volume dropped by 32.03%.
Instead of poor performance in the daily trading volume, the community sentiments are still bullish. Some experts on X suggest that DOGE is currently consolidating inside a 2-day price range at $0.36 resistance. Once it crosses the mark of $0.44, the community can witness DOGE breaking its previous ATH of $0.73, taking it to the moon.
The ATH is in reach for $DOGE
We are right now consolidating inside a 2 days price range after we took out $0.36 resistance
Breakout above $0.44 range high and we can continue to $0.73 ATH and above pic.twitter.com/XTP37pkPtw
— Trade4ddict (@Trade4ddict) November 14, 2024
In the upcoming days, numerous bullish events are expected to take place, which can directly or indirectly influence the token’s price. For instance, the crypto community is now eyeing Trump’s flowery promise of creating a Bitcoin reserve. If this happens, DOGE could also be benefited.
To fuel this rally, another good news recently came out, where a lawsuit accusing Elon Musk of rigging DOGE has been closed. This can give Elon Musk space to express his love for DOGE again, which has been his favorite for so long.
