Dogecoin soared 80% after Trump’s DOGE agency declaration, attracting new investor interest.
Institutional and whale investors are significantly boosting Dogecoin’s trading price.
Adoption by companies like Microsoft and Tesla strengthens the coin's future as a financing option.
Dogecoin shot up by over 80% this week, reaching new 52-week highs, with multiple factors fueling the rise. The selling spike followed a Tuesday statement by President-elect Donald Trump, who disclosed the creation of a new government branch called the Department of Government Efficiency, which he referred to as "DOGE." This release, along with the involvement of key figures like Tesla CEO Elon Musk and Vivek Ramaswamy, has drawn important attention to the coin.
https://twitter.com/CryptoPatel/status/1856522028209319976
Trump stated that Musk and Ramaswamy would lead the division, focusing on dismantling paperwork, cutting laws, and restructuring federal agencies. This news added momentum to its rise, making it one of the most notable performers among electronic assets post-election. Since election day, Dogecoin has jumped by 153%, far surpassing Bitcoin’s 30% increase in the same period.
Whale Activity and Institutional Support Drive Dogecoin’s Growth
Institutional support and increasing whale activity have served a major function in Dogecoin’s value rise. Platforms like Robinhood and Coinbase have made it easier for retail investors to purchase DOGE, expanding its reach. As large-scale buyers take greater interest, the value of Dogecoin continues to rise.
In addition to institutional backing, large investors, known as “whales,” have been accumulating Dogecoin at an accelerated rate. Wallets holding between 100 million and 1 billion DOGE have increased their holdings by over 28 million coins. This increase in whale activity signals growing confidence in Dogecoin and suggests the potential for further price increases.
Technological Growth and Widening Adoption
Moreover, Dogecoin benefits from continuing engineering developments such as GigaWallet and RadioDoge, which aim to enhance transaction efficiency. Expanding adoption by companies like Microsoft and Tesla further boosts its potential as a viable monetary method. As more businesses accept Dogecoin, its role as a payment alternative becomes greater, suggesting that its development is far from over.
This milestone highlights the expanding interest in Dogecoin, driven by both retail and corporate financiers. Furthermore, Elon Musk’s continued support of the virtual currency has helped keep it in the spotlight, fueling its recent increase.
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