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 activities.
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 elected again, he would put Musk in charge of a "DOG.E. Department of Government Efficiency" committee, focusing on improving government efficiency, with the name also subtly echoing Dogecoin.
So, can Dogecoin really continue to soar? From a technical perspective, the upward trend of Dogecoin is indeed strong, with the Relative Strength Index (RSI) already reaching 70, indicating 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 the possibility of continued upward momentum!
Can Dogecoin possibly rise 20 times?
Analyst ali_charts mentioned in a tweet yesterday that DOGE is currently testing the key resistance level of the 50% Fibonacci retracement, which is around $0.19.
Based on its previous performance, DOGE often rebounds further after breaking through the 50% resistance level, reaching higher Fibonacci extension levels (over 100%). Therefore, ali believes that if Dogecoin successfully breaks through $0.19, it may continue to rise, with targets at the Fibonacci 161.8% and 227.2% extension levels, corresponding to prices of $4 and $23 respectively.
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Dogecoin whales crazily bought 3 billion DOGE within 24 hours
According to on-chain data from IntoTheBlock, the total amount of Dogecoin (DOGE) that flowed into large investor wallets in the past 24 hours was 2.96 billion, compared to 563.83 million the previous day, an increase of 425.65%, or 2.396 billion DOGE. This significant growth occurred precisely when the price of the mainstream meme cryptocurrency reached its peak, with DOGE rising 29.69%.
Interestingly, the outflow from the same wallets also increased, with the total outflow for the day being 2.15 billion DOGE, compared to 1.42 billion DOGE the previous day, an increase of 51.4%, or about 730 million DOGE. Although the inflow has increased significantly, the outflow has also shown a clear upward trend, reflecting certain capital outflows 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 large holder wallets is still far greater than the outflow, and the enthusiasm is growing stronger.
Although the selling pressure is increasing, this wave of accumulation reflects the market's continued interest in Dogecoin. In just one day, whale wallets have added 2.96 billion Dogecoins. This indicates that the whale holdings of Dogecoin are showing a net accumulation trend, meaning the market has strong confidence in Dogecoin's short-term performance. The significant increase in whale activity has made Dogecoin the preferred choice of large holders in the current market environment.
DOGE is a coin that was born in 2013
It has weathered multiple bull markets! Undoubtedly, as the pioneer of Meme coins and the only Meme coin with a POW mining mechanism, DOGE will definitely continue to experience a major surge in the future.
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