A Dogecoin whale that has attracted attention in the cryptocurrency market in recent days has caused fluctuations with its large-scale purchases. According to on-chain data, the whale has accumulated 155 million DOGE tokens. This move has created optimism among investors regarding the future price movements of the meme coin Dogecoin. When Dogecoin’s price charts are examined, it seems that it is currently in a bull run; however, market observers question whether this purchase will further increase the price of DOGE.
The purchase of 155 million meme coins attracted attention
According to Whale Alert’s data on October 21, the Dogecoin whale bought 155.11 million DOGE, or approximately $21.65 million worth of Dogecoin. This large purchase was made on Robinhood Markets’ crypto trading platform. An unknown wallet named DP1…Wdj added this amount. This accumulation increased confidence in Dogecoin and created an optimistic atmosphere about the future of the cryptocurrency. In addition, it is observed that the price of Dogecoin has been rising recently. Looking at the broad charts, it can be said that this rise is largely related to Elon Musk’s support for Donald Trump. As the US presidential election approaches, according to Polymarket data, Trump’s probability of winning has increased to 63.7%, while Harris’ chances have decreased to 36.1%. Musk’s D.O.G.E post in the Trump cabinet has further increased the interest in Dogecoin.
Is the decline in DOGE price over?
At the time of writing, DOGE is trading at $0.1457, down 2%. This decline is in line with the general market trend. The meme coin’s lowest and highest prices during the day were $0.1384 and $0.1495, respectively. However, weekly and monthly charts show that DOGE has gained 26% and 35%. While this rise has sparked optimism among investors, Coinglass data showed that Dogecoin futures open interest (OI) fell by 5.33% to $1.02 billion. However, derivatives volume increased by 8% to $3.46 billion. This data presented an uncertain market sentiment for the token.
Experts’ latest DOGE price analysis suggests that Dogecoin could rise to $0.37 if it continues its uptrend. In particular, the rise of the 50-day moving average is considered a sign of strong momentum in the short term. If this trend continues, it is predicted that the Dogecoin price could rise even higher in the coming days. Cryptocurrency enthusiasts continue to carefully monitor the future price movements of this meme token in dynamic market conditions.
