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Dogecoin's price has increased by 5% today, and it looks like it may reach an all-time high in the coming weeks. This is not only because it performed well today, but also because mining technology and some on-chain data suggest that Dogecoin could continue to rise.
In the past 24 hours, Dogecoin's price has risen from $0.1420 to $0.3918, and the overall cryptocurrency market has seen a slight increase, but Dogecoin is climbing faster. Moreover, since November 3rd, Dogecoin has been on the rise, increasing by 209% to date, reaching a peak of $0.4329, although it has dropped a bit since then, it is still higher than many previous times.
There are several reasons why Dogecoin is so popular. First, the big boss in the United States, Elon Musk, often mentions Dogecoin, and every time he does, Dogecoin's price tends to rise. Although discussions around this topic are not as heated as last year, there are still many people interested in Dogecoin.
Also, those large holders of Dogecoin, often referred to as 'whales', have been buying Dogecoin recently. From November 4th to 18th, they purchased about 140 million Dogecoins, which could contribute to the continued rise in Dogecoin's price.
From a technical perspective, Dogecoin's price trend also looks promising, as if it is preparing for a significant surge. If Dogecoin's price can break through $0.40, it could rise to $0.87, which would be higher than its previous all-time high.
However, while Dogecoin seems very popular right now, it is not without risks. If it drops from $0.38, it could fall to around $0.355. If it drops further, it may go down to $0.30.
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