Dogecoin (DOGE) continues to attract the attention of crypto investors with its performance during the United States presidential election. DOGE, the largest and most popular example of meme coins, has created excitement among investors, and on November 5, 2024, Whale Alert announced that a total of 1.06 billion DOGE tokens (approximately $180.22 million) were transferred in the last 24 hours. These large transactions took place on major cryptocurrency exchanges such as Binance and Robinhood.
Presidential Elections and Increase in Demand for DOGE
As the results of the US presidential election are awaited, news that crypto-friendly candidate Donald Trump is ahead has accelerated DOGE’s upward momentum. The expectation that Trump’s election victory could lead to a major price increase in DOGE continues to attract investors’ attention. The increasing trading volume ahead of the election also supports this expectation. DOGE’s price has increased by over 12% in the last 24 hours, while trading volume has increased by 75%.
According to technical analysis, DOGE managed to break out of a critical resistance level at $0.1785 and is currently trading around $0.18. This rise, combined with election news, is expected to see a further 20% increase to $0.22 if the price closes above $0.184. DOGE is currently trading above the 200-day Exponential Moving Average (EMA), a significant sign that the uptrend is strengthening.
Data on Chain and the Whale Effect
DOGE’s rise is also supported by on-chain data. IntoTheBlock’s analysis showed a 27.15% increase in large DOGE transactions, indicating that large investors and whales are showing increasing interest in DOGE. These strong bullish indicators on-chain suggest that DOGE could continue its market momentum.
With the election period, demand for DOGE is increasing rapidly and this interest is supported by large transactions made by whales. This movement in the crypto market shows that DOGE has a strong rally potential in the near term. It is predicted that DOGE will see new peaks, especially after the election results.