DOGE Price Needs Other Catalysts
In addition, the price of Dogecoin needs other catalysts to continue rising strongly. First, it needs Bitcoin to perform well, which will lead to altcoins gaining more profits. When BTC rises strongly, most altcoins thrive. This rise will also be accompanied by an increase in the cryptocurrency fear and greed index.
Moreover, Dogecoin needs whales to continue accumulating, just like in the past few months. Data from Santiment shows that whales have increased their holdings of Dogecoin over the past month, indicating that they expect the price to continue rising.
The price of Dogecoin also needs more statements about Dogecoin from Elon Musk. Historically, Musk has been the top promoter of Dogecoin, which is a cryptocurrency in his portfolio. Additionally, some analysts believe that Dogecoin could be propelled by a Dogecoin ETF as early as 2025.
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