Dogecoin is a leading meme cryptocurrency that has seen a significant price increase, rising 235% over the past month. This sustained price growth has made Dogecoin one of the best-performing assets today. As Dogecoin's price approaches the $1 mark, traders are closely watching its movements, generating substantial interest across major trading platforms.
Why Dogecoin's price doubles as it approaches $1
In November, the post-election rebound drove the bullish trend in cryptocurrencies, with many tokens hitting all-time highs. Bitcoin's current trading price exceeds $98,000, nearing the $100,000 mark, while Ethereum hovers around $3,300.
This upward momentum has sparked optimism around Dogecoin, which is currently hovering above $0.4. The price prediction for Dogecoin could break $1, echoing the recent gains of XRP. The bullish wave sweeping the cryptocurrency market has bolstered investor confidence in altcoins, driving expectations for further gains.
In the past 24 hours, the price of DOGE skyrocketed by 20%, currently at $0.467, indicating a bullish trend. The Relative Strength Index (RSI) is at 76, suggesting overbought conditions. The Moving Average Convergence Divergence (MACD) indicates bullish momentum, with the MACD line above the signal line. The increase in histogram bars suggests rising buying interest.
Retail investors and whales accumulate DOGE
Recent data shows that both retail and large investors have increased their holdings in Dogecoin. The number of wallets holding between 1,000 and 10,000 Dogecoins has grown by 1.05%, from 1.91 billion to 1.93 billion.
Meanwhile, the number of large wallets holding between 10 million to 100 million DOGE has surged by 11.26%, from 18.54 billion to 20.63 billion. This increase indicates that confidence in cryptocurrencies is steadily growing among different categories of investors.
The sharp rise in whale activity is particularly noteworthy as it often signals optimism and can influence price momentum. Combined with the accumulation by retail investors, this trend indicates a growing demand for DOGE, which could drive future price movements.
If these holding patterns continue, the market may see enhanced price resilience and potential upward momentum due to increased investor interest.
The strong momentum of Dogecoin, driven by bullish indicators and the continuous accumulation by whales and retail investors, brings it closer to the $1 mark. Ongoing buying interest and market optimism may further propel this meme coin upward amidst the ongoing cryptocurrency rally.
