- Dogecoin’s price is up today, fueled by Donald Trump’s win, growing investor interest, and strengthening market setup.
- Dogecoin whales holding between 10 million and 100 million DOGE have increased sharply, accumulating around $56 million worth of DOGE between November 17 and 18.
- Dogecoin’s price action has formed a bull flag pattern on the daily chart, suggesting the potential for new all-time highs around $0.87.
The price of Dogecoin (DOGE) has risen over 5% in the last 24 hours, outperforming the broader cryptocurrency market. The memecoin is being fueled by growing investor interest and a strengthening technical setup.
Increasing Investor Interest
Much of the renewed interest in Dogecoin stems from the recent U.S. presidential election victory of Donald Trump. Trump’s appointment of Elon Musk to lead a proposed Department of Government Efficiency (DOGE) has also amplified attention from investors and the Dogecoin community. Musk’s influential role as the “Doge Father” means his activities often positively impact DOGE’s price.
Data Signals Growing Interest
According to Google Trends data, interest in Dogecoin is increasing but has yet to match the heights reached during its all-time high in May 2021. This suggests there is room for greater mainstream adoption as more retail investors enter the market.
Whales Are Accumulating
Dogecoin whales holding large amounts of DOGE took advantage of a recent price dip to accumulate around 140 million DOGE worth $56 million. This buying from large holders likely helped nudge Dogecoin back above $0.38.
Bull Flag Points to New Highs
Technically, Dogecoin has formed a bull flag pattern on the daily chart. This is a bullish continuation pattern that could see DOGE target new all-time highs around $0.87 if key resistance at $0.40 is broken. Some pullback from current levels is likely first given overbought readings on the relative strength index indicator.
Conclusion
Propelled by strengthening fundamentals and technicals, Dogecoin looks poised to embark on another leg higher. The memecoin still has room to run as investor interest continues growing. Whale accumulation and bullish chart patterns paint an optimistic picture for Dogecoin reaching new highs.
