Sleeping Whales are on the move: Rally in That Meme Coin Can Be Triggered at Any Time!

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dogecoin The price has been recording movements reflecting the excitement of the community in recent days. DOGE whales, which have been dormant for a long time, have become active again, triggering many speculations. According to the data, many dormant whales have become active again, sending shock waves to the market.

Moreover, in the last month alone, more than a million DOGE The creation of 121 new wallets is clear evidence of increased interest from major players. This increase in activity has led to increased liquidity and volatility in the DOGE market. can open.

The Dogecoin/USDT price chart also reflects this movement. DOGE is trending upwards after a long period of consolidation, and its price action is currently testing a key resistance level. This level had previously been an obstacle to upward movements, but increased activity and new wallets are one of the details that increased this breakout.

Can Elon Musk Affect Dogecoin Price?

There is also speculation that Elon Musk’s claim that he will establish a payment system on X may further increase the price of Dogecoin. meme coinThe influence of Elon Musk, one of ‘s most prominent proponents, has historically led to price increases, and DOGE’s integration into a larger platform could be the catalyst for another rally.

However, you have to admit that Dogecoin lacks a significant use case, other than its use as a payment method and its reputation as a meme coin. Its utility in the broader blockchain ecosystem is quite limited, which may impact value in the long run.

Chart patterns, coupled with a significant increase in whale activity, indicate a positive short-term outlook. As Koinfinans.com reported, the RSI does not indicate an overbought scenario, leaving room for upward momentum. If the cryptocurrency can break through the current resistance level, there is a possibility of a rally similar to those seen in Dogecoin’s storied history.


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