Recently, the price increase of Dogecoin ($DOGE ) has been mainly driven by several factors. First, whale trading activity has increased significantly, indicating that institutional investor interest in DOGE is rising. The number of large trades involving DOGE jumped from 122 to 296 in the past 24 hours, which is often seen as a strong signal of impending price action.

Secondly, the social popularity of Dogecoin has also reached a five-month high. With the speeches of well-known figures such as Elon Musk, the frequency of market discussions on DOGE has increased, attracting the attention of more new investors. This increased social participation has laid the foundation for its price increase.

Additionally, technical analysis shows that DOGE is breaking out of a long-term descending triangle pattern, which is typically a precursor to higher prices. Analysts believe that such a breakout could lead to DOGE’s price heading towards higher targets and possibly even a return to previous highs

To sum up, Dogecoin’s rise is benefiting from whale buying activity, social media attention and positive technical signals, and market sentiment is moving in an optimistic direction.