๐๐๐ Dogecoin Price Jumps 12%, Whale Activity Fuels Bullish Outlook
#Dogecoinโฌโฉ (DOGE) Recovers 12%, Signals More Upside Potential
- The crypto market is showing signs of recovery, and Dogecoin (DOGE) is leading the charge, rebounding 12.67% in the past 24 hours to reach $0.3269. On-chain data suggests this is just the beginning of DOGEโs upward trajectory.
DOGE's Uptrend Gains Momentum
- In addition to its price jump, Dogecoinโs trading volume has surged by 9.6%, with over $11.6 billion traded in a single day. This liquidity boost underscores strong market activity and supports the potential for further price rallies.
- Last week, $DOGE dropped from $0.4109 to $0.27, impacted by Bitcoinโs market correction and broader altcoin losses. With the market stabilizing, DOGE still has room to recover, moving closer to its weekly high.
- On-chain metrics also indicate increased activity within the Dogecoin ecosystem. Whale transactionsโthose worth over $100,000โrose by 41.12% to $23.35 billion, signaling heightened interest from large investors. This renewed confidence could help DOGE recover losses and push toward new gains.
Key Drivers to Watch
Several factors are contributing to Dogecoinโs bullish outlook:
1. Potential DOGE ETF
- Speculation is growing around the possibility of a Dogecoin ETF, fueled by the shifting U.S. regulatory landscape. While no official filings have been made, the mere prospect has bolstered market sentiment.
2. Market Momentum
- Dogecoin remains oversold on multiple timeframes, suggesting room for a stronger rebound. Positive sentiment around Bitcoin retesting its all-time highs could further support DOGEโs growth.
Price Outlook
- If Dogecoin can flip the $0.35 resistance into support, it could reclaim the $0.40 mark in the short term. With increasing whale activity and favorable market conditions, DOGE appears poised for continued recovery.
