The surge in Dogecoin is indeed inseparable from Musk's influence! He is not only a loyal fan of Dogecoin, but also actively supports Trump's campaign.
It is said that in order to help Trump, Musk generously donated $118 million to a super political action committee. In return, Trump promised that if he was re-elected, he would let Musk be in charge of a committee called "Government Efficiency Department DOG.E.", which focuses on improving government efficiency, and the name also secretly echoes Dogecoin.
So, is it really possible for Dogecoin to continue to soar? From a technical perspective, Dogecoin's rise is indeed strong, and the relative strength index (RSI) has reached 70, showing a clear upward trend. At the same time, Dogecoin's 30-day moving average has just formed a "golden cross" with the 200-day moving average, which is an important technical breakthrough signal, indicating a possible continued rise!
Could Dogecoin rise another 20 times?
Analyst ali_charts mentioned in a tweet yesterday that DOGE is currently testing the key resistance level of the 50% Fibonacci retracement line, which is around $0.19.
According to previous performance, DOGE tends to rebound further after breaking through the 50% resistance level, reaching a higher Fibonacci expansion level (over 100%). Therefore, Ali believes that if Dogecoin successfully breaks through $0.19, it may continue to rise, with targets of Fibonacci 161.8% and 227.2% expansion levels, corresponding to prices of $4 and $23, respectively.
Dogecoin whales frantically bought 3 billion DOGE in 24 hours
According to IntoTheBlock’s on-chain data, the number of Dogecoins (DOGE) flowing into the wallets of large investors in the past 24 hours totaled 2.96 billion, an increase of 425.65% from the previous day’s 563.83 million, or 2.396 billion DOGE. . This increase is significant and occurred just as the price of the mainstream meme cryptocurrency was peaking, with DOGE rising by 29.69%.
Interestingly, the outflow from the same wallet also increased, with a total outflow of 2.15 billion DOGE throughout the day, while the outflow the day before was 1.42 billion DOGE, which means that the outflow increased by 51.4%, about 730 million DOGE. Although the inflow increased significantly, the outflow also showed a clear upward trend, reflecting a certain amount of capital diversion and selling pressure in the market.
Although the outflow of Dogecoin has increased and is higher than the previous day, the amount of Dogecoin flowing into the wallets of large holders still far exceeds the amount flowing out, and the craze is getting stronger.
Although selling pressure is increasing, this wave of accumulation reflects the market's continued interest in Dogecoin. In just one day, whale wallets added 2.96 billion Dogecoins. This shows that Dogecoin's whale holdings are showing a net increase trend, which means that the market has strong confidence in Dogecoin's short-term performance. The sharp increase in whale activity has made Dogecoin the first choice for large holders in the cryptocurrency field in the current market environment.
DOGE is a currency that was born in 2013
After multiple bull market baptisms! There is no doubt that as the originator of Meme coins and the only Meme coin with POW mining mechanism, DOGE will continue to explode in the future.
