Market sentiment on Dogecoin (DOGE) has been on the rise following on-chain data and Elon Musk’s statements on Thursday. Cryptocurrency expert Ali Martinez noted that Dogecoin whales have recently accumulated 1.40 billion coins. Additionally, the price of this dog-themed cryptocurrency has started an uptrend supported by Musk’s “Dogefather” phrase, breaking above the critical resistance level of $0.111.
Elon Musk shared a photo of the dog behind Dogecoin on the X platform and said "Dogefather". This situation, along with increasing whale accumulations, has increased interest in altcoins if Dogecoin breaks the resistance level. As of September 26, it was recorded that Dogecoin whales bought 1.40 billion DOGE in the last 48 hours and these investments have a market value of approximately $ 140 million.
Martinez stated that the Dogecoin price has risen above the $0.111 level and that 36 billion DOGE is held at this level from 62 thousand addresses. He emphasized that if this resistance level is maintained, the memecoin could enter an uptrend. The Dogecoin price was at $0.1137 at the time of writing and has increased by approximately 5% in the last 24 hours. In addition, other memecoins such as SHIB, PEPE and WIF have also increased in price between 8% and 15%.
Data shows that open interest in Dogecoin futures increased by 12% to $600.32 million, with derivatives volume increasing by 34% to $1.39 billion in the past 24 hours.
Analysts like Mikybull Crypto expect DOGE to enter its final expansion phase this cycle. DOGE, which Elon Musk describes as the “Dogefather,” continues to be supported by strong buying pressure in the markets and whale accumulation. These developments contribute to Dogecoin’s uptrend in the overall cryptocurrency market.
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I EXPLAIN IN DETAIL.
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