According to data published by Whale Alert on October 21, a Dogecoin goldfish has accumulated 155.11 million DOGE, worth $21.65 million, from the crypto trading arm of Robinhood Markets. According to the data, an unknown address DP1âŠWdj was recorded as having collected the said amount of coins. This massive accumulation, which hints at growing market confidence in the assetâs potential, has fueled optimism around future movements.
At the same time, it's worth noting that the dog-themed meme coin is currently in a bull run, as indicated by the broader charts. This bullish trajectory is largely due to Elon Musk's endorsement of Donald Trump amid the ongoing US presidential election.
As Trumpâs odds of winning have risen significantly to 63.7%, while Harrisâs are at 36.1%, according to recent data from Polymarket, Elon Muskâs D.O.G.E. tweets under the Trump administration have drawn significant attention to the token. Furthermore, as the US presidential election approaches in November, the massive accumulation of the aforementioned Dogecoin goldfish has added to the marketâs optimism towards the meme cryptocurrency.
Meanwhile, DOGE was trading at $0.1457 at press time, down nearly 2% on the day. The decline is largely in line with the broader market trend today. The meme coinâs 24-hour low and high were $0.1384 and $0.1495, respectively. However, the coinâs weekly and monthly charts show gains of 26% and 35%, respectively.
While the growth has sparked investor optimism, data from Coinglass shows a 5.33% drop in Dogecoin futures open interest to $1.02 billion today. Meanwhile, derivatives volume has increased by 8% to $3.46 billion. These figures underscore the uncertain market sentiment towards the token.