Last week, Dogecoin (DOGE) saw a significant surge, jumping 20% within just a few days. This sudden rise brought the meme coin’s value from $0.10745 to a peak of $0.13080, sparking curiosity about what triggered such an unexpected movement in the market. Despite the excitement, even Dogecoin’s co-creator seemed unsure of the reasons behind the price change.
Billy Markus: “No Idea” Why Dogecoin Price Jumped
Dogecoin’s co-creator, Billy Markus, responded with humor and uncertainty when asked about the sudden price rise. On X, Markus stated he had “no idea” why the coin surged, noting that this is often his answer to questions about cryptocurrency prices.
Billy Markus on Dogecoin Surge: “No Idea” . Source: @BillyM2k Falling Wedge Pattern Could Signal a Breakout
While Markus had no explanation, analysts turned to the technical charts for answers. Trader Tardigrade, a well-known analyst in the crypto world, pointed out that Dogecoin’s monthly chart showed signs of a Falling Wedge pattern. This pattern is typically seen as an indication of a possible price breakout, which may explain the sudden upward movement of the coin.
Dogecoin Chart Signals “DOGE Season” Breakout. Source: @TATrader_Alan
Tardigrade compared this recent pattern to previous cycles where Dogecoin experienced similar increases. Referring to it as the start of “DOGE season,” he suggested that Dogecoin could see further gains if the pattern continues.
Whale Activity Behind Dogecoin’s Price Surge
A large factor driving Dogecoin’s recent surge is whale activity. Over a 48-hour period, whales accumulated 1.4 billion DOGE, valued at roughly $140 million. Whale purchases like these often lead to market shifts, as large-scale buying can cause prices to increase sharply.
In addition to the initial whale activity, another large purchase of 1.4 billion DOGE followed shortly after. This led to further price movements, highlighting how significant whale transactions can impact the market. DOGE has been known for such sudden changes due to its popularity among both retail investors and large holders.
Dogecoin’s Market Cap Reaches $6.8 Billion
As of now, Dogecoin’s market cap stands at $6.8 billion, reflecting the impact of these recent whale trades. Despite the sudden rise, Billy Markus has made it clear that he is not involved in launching any new cryptocurrencies. He has also advised investors to be cautious of misinformation about his role in other projects, particularly in a market where rumors can spread quickly.
DOGE Market Cap Trend Showing Recent Spike. Source: TradingView.com
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