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Dogecoin (DOGE) has made a stunning comeback in the past 24 hours, skyrocketing by nearly 15% and reaching $0.39. This massive surge can be attributed to a confluence of factors, which we’ll delve into below.
Firstly, it’s essential to note that Dogecoin trading volume has seen a whopping 190% increase over the same period, indicating a significant shift in sentiment towards DOGE. While some might dismiss this rally as mere speculation, data points suggest otherwise. The sharp increase in trading activity and DOGE’s price movement are not only correlated but have historically been predictive of future market movements.
As reported by Ali Martinez, Dogecoin has seen an incredible influx of buy orders from various whale accounts, amounting to a staggering 1.08 billion DOGE being bought up within the last day alone. This kind of buying activity is unheard of in the crypto space and further validates the notion that sentiment around DOGE has shifted dramatically.
Not only do these large-scale purchases indicate that some powerful players believe DOGE has bottomed out, but they also demonstrate a willingness to hold onto the asset for the long-term. It’s essential to note that 1.08 billion is not just any amount – it directly correlates with the total supply of Dogecoin.
A significant factor in this rally could be attributed to Elon Musk’s recent support for both DOGE and Donald Trump. While unconfirmed, these rumors have sparked a flurry of activity around DOGE, causing its price to surge.
Source: coinpedia.org
