Dogecoin Soars Amid Trump's Second Inauguration
Over the past 24 hours, Dogecoin (DOGE) has experienced a remarkable 8.20% price increase. This surge follows Trump's second inauguration, with the "trump memecoin" showing a 140% gain at the time of writing.
Whale Activity Fuels Dogecoin Price
According to data from Santiment, large-scale investors known as "whales" have purchased 590 million DOGE in the last 24 hours. This whale activity, coupled with support from influential figures like Elon Musk, has boosted the memecoin's momentum.
Symmetric Triangle Breakout Signals Bullish Trend
Technical analysis by Ali Martinez indicates that Dogecoin remains above the breakout zone of a symmetrical triangle pattern, suggesting bullishness and potential for further growth. The target price is approximately $0.50, based on the height of the breakout pattern.
Historical Patterns Hint at Significant Growth
Past performance suggests strong growth potential for Dogecoin following presidential inaugurations. During the 2017 cycle, DOGE saw a 30x increase post-inauguration, and in 2021, the meme coin rallied by 80x.
Conclusion
The confluence of historical trends, whale activity, and technical indicators paints a positive picture for Dogecoin. As market excitement continues, traders are closely monitoring DOGE's performance, anticipating another explosive rally.