The famous dog-themed meme cryptocurrency Dogecoin received a lot of attention on Wednesday as market statistics predicted a very bullish outlook for the token price. Crypto market watchers expect the token’s future target price to be $0.5 given the recent rally. The memecoin price has risen about 21% this month, and today’s intraday gain widened to about 3%. The massive accumulation of $87 million DOGE whales during this time has further fueled optimism about the token’s future movement, with a $0.5 target looming on the horizon.
Whale accumulates 87 million DOGE; optimism over future prices resonates
According to recent on-chain data from X’s Whale Alert, an unknown wallet address “DEndnpPewG” was stuffed with 86.87 million DOGE (worth $10.86 million) from Robinhood. The huge accumulation suggests growing confidence among investors that this asset has the potential to yield future returns.
Meanwhile, broader recent events have further impacted the prices of major meme coins, which are also seen in broader sector gains that suggest increased interest. A recent CoinGape Media report revealed that Dogecoin’s price has increased by nearly 8% in light of Elon Musk’s $75 million donation to support Donald Trump’s campaign. .
For context, recent data from Polymarket puts Trump’s odds of victory at 59.7% and Kamala Harris at 40.2%, with the scales tipping toward Republicans. With the US elections coming up in November, a possible victory for Mr. Trump could cause the price of dog-themed tokens to rise significantly. This bullish forecast is based on the Republican Party’s pro-cryptocurrency stance. Additionally, Elon Musk recently assumed the role of DOGE (Department of Government Efficiency) under the Trump administration following the former US president’s victory in the upcoming elections. Overall, the above events have sparked optimism about the upcoming meme coin price, especially considering Mr. Musk’s previous support for cryptocurrencies.
Will $0.5 be next?
At the same time, Dogecoin price is currently riding a bullish wave in the market. At the time of writing, the coin was up nearly 3% and hovering at $0.1220. The intraday low and high were recorded at $0.1176 and $0.1294, respectively. DOGE’s 24-hour trading volume surged 50% following the coin’s recent rally. Additionally, weekly and monthly charts showed an increase of 13% and 21%, respectively.
Recent DOGE price analysis by CoinGape Media suggests that the coin could soar to the $0.5 level as market interest in this asset increases. At the same time, Coinglass data further promoted optimism as memecoin futures OI recently surged 20% to $763.15 million. Derivatives trading volume rose about 61% to $3.78 billion, highlighting growing investor interest in the asset. Overall, recent market dynamics indicate that a bullish move for Dogecoin price is ahead.
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Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
