In the latest DOGE news, market sentiment surrounding Dogecoin’s price has shifted positively, buoyed by on-chain data and Elon Musk’s remarks. Analyst Ali Martinez reported a significant increase in Dogecoin whale accumulations, with over 1.40 billion tokens acquired. The price of the dog-themed cryptocurrency also surged past the crucial resistance level of $0.111, signaling a bullish trend following Musk’s ‘Dogefather’ comments.
Billionaire Elon Musk recently shared a post on X featuring the Dogecoin mascot with the caption ‘Dogefather,’ further fueling interest in the digital asset amidst the rising whale accumulations and price surge. Martinez’s data revealed that DOGE whales had amassed approximately 1.40 billion tokens, valued at around $140 million, over the past 48 hours, emphasizing a positive sentiment in the market.
Furthermore, Dogecoin’s price broke through the critical resistance level of $0.111, with over 36 billion DOGE held by 62K addresses at this level. Analysts anticipate a bullish breakout if the dog-themed meme coin maintains its position above this resistance.
As of the latest update, Dogecoin’s price was at $0.1147, marking a nearly 5% increase in the last 24 hours. The coin’s intraday range fluctuated between $0.1071 and $0.1146. In line with gains in the broader meme coin sector, SHIB, PEPE, and WIF prices surged by 8%-15% today, with notable buying pressure heightened by significant whale accumulations.
Additionally, Coinglass data revealed a 12% rise in Dogecoin’s futures open interest to $600.32 million, while derivatives volume spiked by 34% to $1.39 billion in the past day, indicating an upward trend. Noteworthy on-chain statistics alongside Elon Musk’s recent statements have propelled DOGE’s price rally, leading to optimism among analysts for the meme token’s future prospects.
In a similar vein, crypto analyst Mikybull Crypto predicted that DOGE’s final expansion phase for this cycle is set to commence. CoinGape’s recent Dogecoin price analysis echoed this sentiment, especially as the project’s founder commits to not creating any other coin. Overall, Dogecoin continues to ride on bullish momentum across the digital asset landscape, with positive developments driving its price action.