Dogecoin price looks incredibly bullish as large investors, known as “whales”, have poured an additional $149 million into the meme coin in the last 24 hours. This massive capital influx signals strong confidence among influential market players, boosting optimism about DOGE price recovery. One analyst has said the price trajectory of Dogecoin remains “super bullish”, forecasting the crypto asset will rise as high as $10 in this bull run.

Why Is Dogecoin Price Today Surging?

DOGE price increased by 6.9% in the last 24 hours to trade at $0.1764 as of 00:48 a.m. EST. This includes an incredulous 27.8% weekly gain and a 50.9% bi-weekly uptick. Although Bitcoin has played a huge part in the current rally, the upcoming U.S. election is also likely a contributor to the rise of Dogecoin. 

According to Polymarkets, Donald Trump is leading VP Kamala Harris by 66.4% to 33.7%, increasing investors’ hopes of a Trump win, which has come to be perceived as a win for cryptocurrencies. 

Currently, Bitcoin has a 0.94 (94%) correlation with DOGE, according to data from IntoTheBlock (ITB), which means every time BTC rises, the Dogecoin price is highly likely to follow suit.

Rally Not Over As Whales Pour $149M Into DOGE

Data from ITB shows that large investors are betting more on Dogecoin, which is surging higher. Over the last 24 hours, large holder inflow has surged to 861 million DOGE from 3.08 million, signaling whales’ increased confidence in the crypto asset.

Dogecoin price forecast shows whale activity ramped up as the large transaction count surged to a 6-month high. Signaling that Dogecoin’s price could soon break down above that $0.22 barrier. Aside from this, Santiment data shows almost all Dogecoin on-chain metrics are soaring through the roof:

1. Social dominance is at an 8-month high, suggesting that investors are actively talking about Dogecoin.
2. Active and daily active addresses (DAA) broke a 2-week high, meaning new users are likely joining the DOGE ranks.
3. The network-to-volume transaction (NVT) ratio is back to a six-month high, meaning investors value DOGE’s price at a premium.
4. 30-day realized cap just surpassed the 365-day realized cap. When this happens, it means new holders are joining Dogecoin, and previous historical data shows it has always been followed by a price increase 

These metrics suggest the Dogecoin price rally is not over, and the next leg up could come very soon. 

Technical Analysis: DOGE Price Is ‘Super Bullish’

An analyst has called Dogecoin price action “super bullish”, and predicted that the asset is likely to surge to $9-10 by the end of the bull run. He, however, said the immediate targets for the asset are $1-2.70.

DOGE price has surpassed the past resistance (1) well and now faces the second resistance (2). This level has been tested once before but still presents a significant hurdle. If Dogecoin breaks above this resistance, the next major barrier is around $0.22, which coincides with the yearly high and marks a 29% increase from the current price.

Bears can invalidate the current bullish thesis by pushing the price of DOGE below $0.142 (Resistance 1). This would show market weakness and result in a cascade effect of panic selling, pushing the price further lower to $0.105 support.

The crypto-charged U.S. elections are coming up in five days, and the crypto markets, especially Dogecoin, should expect high volatility.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.