DOGE Price Hits $0.42 Monthly High as Dogecoin Whales Pile in

TL;DR:

Dogecoin's recent surge has pushed its price to its highest point in over a month, propelled by a buying frenzy from "whales," or large investors.

DOGEUSD. Source: TradingView

After the market crash in late 2024, Dogecoin's value dropped significantly, but it has since rebounded. Despite a recent correction, DOGE has held steady at $0.3 support and rallied to $0.38 by Thursday.

In the past few hours, the rally has accelerated, hitting almost $0.42, its highest point since December 12.

Aside from the overall market recovery, the accumulation of 200 million DOGE tokens by whales within 48 hours is likely contributing to the rally. Increased demand from whales often drives price increases.

Dogecoin's positive momentum may continue in the lead-up to President-elect Trump's inauguration. Elon Musk, a vocal supporter of DOGE, is expected to lead the Department of Government Efficiency (DOGE) under the new administration.