Dogecoin whales have once again captured the attention of participants in the global cryptocurrency market with their highly bullish moves. On-chain data shows that a whale has accumulated up to 155 million DOGE, sparking investor optimism about the future trends of this meme coin. Broader charts of Dogecoin prices indicate that the token is currently in a bull market. However, market observers speculate whether this dog-themed meme cryptocurrency can rise further, given the recent accumulation.

Dogecoin whale accumulates 155 million DOGE, sparking market frenzy

According to data released by Whale Alert on October 21, a Dogecoin whale accumulated 155.11 million DOGE from the cryptocurrency trading division of Robinhood Markets, valued at $21.65 million. According to the data, the unknown address DP1…Wdj recorded the aforementioned quantity of Dogecoin. Such large-scale accumulation suggests increased market confidence in the asset's potential, sparking optimism about future trends.

At the same time, it is worth mentioning that, as indicated by broader charts, dog-themed meme coins are currently seeing price increases. This bullish trajectory is mainly attributed to Elon Musk's support for Donald Trump during the ongoing U.S. presidential election. According to recent Polymarket data, Trump's winning odds have surged to 63.7%, while Harris's winning odds are only 36.1%. Elon Musk's position on DOGE during Trump's cabinet has brought significant attention to the token. Moreover, with the U.S. presidential election approaching in November, the massive accumulation by the aforementioned Dogecoin whale has injected additional market optimism into the meme cryptocurrency.

Has DOGE price dropped?

As of the time of writing, the price of DOGE is $0.1457, down nearly 2% during the day. This drop is mainly consistent with today’s broader market trend. The 24-hour low and high for this meme token are $0.1384 and $0.1495, respectively. Nevertheless, the weekly and monthly charts for the token show increases of 26% and 35%, respectively.

Although the upward momentum has sparked investor optimism, Coinglass data shows that Dogecoin futures OI has dropped 5.33% to $1.02 billion today. Additionally, derivatives trading volume surged 8% to $3.46 billion. This data highlights the market's uncertain sentiment towards the token.

Nevertheless, CoinGape Media's recent price analysis of DOGE suggests that, given bullish indicators, the token may rise to $0.37 in the future. Notably, the 50-day moving average is trending upwards, indicating strong short-term momentum. If this trend continues, it may drive prices higher in the future. Cryptocurrency enthusiasts continue to monitor meme tokens to see if future prices will further fluctuate with market trend dynamics.