DOGE Price Surge Imminent? Whales Scoop 1.06 Billion Dogecoin

Dogecoin (DOGE), the widely popular and largest meme coin, has garnered considerable attention from crypto enthusiasts due to its notable performance during the United States presidential election.

Whale Transactions

On November 5, 2024, Whale Alert, a whale transaction tracker, reported via X (formerly Twitter) that whales had transferred a combined 1.06 billion DOGE tokens valued at $180.22 million within the preceding 24 hours. These sizable withdrawals occurred in two separate transactions, one executed on Binance and the other on Robinhood.

Presidential Election Influence

The timing of these transactions coincided with the impending announcement of the presidential election results, with many speculating about the possible victory of Donald Trump, a known crypto advocate who was leading in the polls. This anticipation has fueled a significant recovery and price upsurge throughout the crypto market, with DOGE likely to experience further gains if Trump is declared the winner.

Current Price and Trading Activity

In the wake of these developments, DOGE has reached a trading price of approximately $0.18, representing an impressive surge of over 12% in the past 24 hours. Concurrently, its trading volume has escalated by 75%, indicating elevated participation from traders and investors as election results loom.

Technical Analysis

Expert technical analysis suggests that DOGE has breached a key resistance level at $0.1785 and exhibits bullish momentum. This breakout appears genuine, occurring after a period of price consolidation and coinciding with election results indicating the potential victory of a pro-crypto candidate.

Source: Trading View

Based on recent price behavior and historical momentum, if DOGE sustains a daily candle close above $0.184, it is highly probable that it will continue to rally and potentially reach the $0.22 level in the coming days. At the time of writing, DOGE is trading above the 200 Exponential Moving Average (EMA) on a daily time frame, further reinforcing the uptrend.

Bullish On-Chain Metrics

This bullish outlook is corroborated by on-chain metrics. Analytics firm IntoTheBlock reports a 27.15% increase in the volume of large DOGE transactions, signaling growing interest from whales and major investors.