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DOGE Price Hits $0.42 Monthly High as Dogecoin Whales Pile In
The meme-based cryptocurrency, Dogecoin (DOGE), has reached a new milestone after soaring to its highest level since December 12, surpassing the psychological barrier of $0.4. This monumental increase is largely attributed to an influx of large investors, often referred to as whales, who have been actively accumulating DOGE.
The remarkable surge in price comes following a brutal correction that struck the cryptocurrency market at the end of last year, leaving DOGE plummeting from over $0.40 to a staggering low of $0.26 within days. Despite this downturn, the coin has been steadily climbing and managed to hold strong above the crucial $0.3 support level during the recent correction.
In a stunning turn of events, the bulls have taken matters into their own hands, driving DOGE’s valuation up to nearly $0.42 in just a short period of time. While many would attribute this remarkable growth solely to market sentiment, data provided by renowned analyst Ali Martinez reveals that large-scale investors have acquired an astonishing 200 million tokens within the span of only 48 hours.
Typically, such accumulation by whales can lead to increased demand and subsequently drive up prices. In light of these developments, it is difficult not to speculate about DOGE’s future prospects. If this trend continues, we may see a sustained increase in value as investor confidence grows.
It remains to be seen whether the coin will continue its upward trajectory in the coming days and weeks. There are whispers surrounding the potential impact of an upcoming event on the cryptocurrency market, with some speculating that DOGE’s price could see a further boost due to this occurrence.
Source: cryptopotato.com
