Dogecoin price is up 2% over the past 24 hours, reaching $0.1131, as the overall cryptocurrency market gained 1% today.
DOGE is up 1.5% over the past week and 7% over the week, as well as up 92% over the past 12 months.
Todayâs surge comes as the meme token has seen a surge in whale trading activity, with the large holdersâ net inflow index showing a 1,645% increase over the past day.
This suggests that whales are finally seizing the opportunity to buy Dogecoin at a discount, a change that could herald a sharp rise in the coinâs price.
Dogecoin Price Outlook: DOGE Sees 1,645% Spike in Whale Move â Is $1 Nearing?
Dogecoin is showing some promising momentum today after a few weeks of decline. Its indicators suggest that the coin could move higher before falling into an oversold position.
For example, the 30-period moving average (orange) recently rose above the 200-period moving average (blue), forming a golden cross that often signals a strong bull run.
This comes as DOGE's relative strength index (purple) rose from 40 yesterday to a little over 60 today, with plenty of room to rise further.
The driving force behind this new surge is the activity of whales, who for better or worse are often the main drivers when it comes to meme tokens.
And in the case of Dogecoin, they had to decide to take advantage of its weakness and buy it cheap.
Data from IntoTheBlock shows that the coin's Big Holders on Netflix has increased from 22.35 million DOGE yesterday to 367 million DOGE today.
This is the highest level since early September, suggesting that Dogecoin price will have a strong end to October, after a sharp drop at the beginning of the month.
It is certainly time for DOGE to make a strong recovery, as the coin is still down 84% from its ATH set in May 2021.
What's also promising is that the number of active addresses for the coin has been increasing over the past month, complementing whale data that suggests interest in the meme coin is growing.
And optimism would be boosted even further if the Federal Reserve announces one or two more rate cuts before the end of the year, which many experts expect.
In such a scenario, Dogecoin price could reach $0.15 before the end of November, and end the year at around $0.20.
