DOGE Price Soars to $0.42 as Shocking Whale Accumulation Unfolds

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TL:DR;

  • Dogecoin has joined the bull party with a massive surge over the past day that has taken it to its highest price tag in over a month.
  • This comes amid the latest accumulation spree initiated by large investors known as whales.

Remember that by the closing of 2024, the original meme token suffered a significant blow as the general market declined. Consequently, its value plummeted from approximately $0.4 to $0.26 in just a few days.

After that point, Doge coin has consistently climbed higher and successfully held its ground above the $0.3 mark, even during the recent downturn that started off this current trading week.

Furthermore, it soared impressively and reached $0.38 by Thursday. In recent hours, the bulls have been aggressively driving up its value, pushing it close to $0.42 for the first time since December 12.

Beyond the widespread market recovery, another strong possibility fueling this significant surge is the emergence of influential Dogecoin (DOGE) investors, often referred to as ‘whales’. According to data by Ali Martinez, these major players have amassed approximately 200 million DOGE coins within a mere 48-hour period. Historically, such accumulation by large investors has led to price rises due to the increased demand it generates.

Whales have bought 200 million #Dogecoin $DOGE in the last 48 hours!

— Ali (@ali_charts) January 16, 2025

In the time ahead, there’s a possibility that Dogecoin may sustain its upward trend considering the approaching Trump inauguration. This is due to the fact that Elon Musk, a significant Dogecoin advocate, is slated to head a new department within the president-elect’s administration named the Department of Government Efficiency (DOGE).

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2025-01-17 12:54