Dogecoin has once again captured attention in the crypto world, with a significant whale accumulation signaling potential bullish momentum. A recent massive purchase of 87 million DOGE has stirred excitement, as analysts speculate the token could hit $0.50 in the near future.
Whale Buys 87 Million DOGE, Sparking Market Optimism
Recent data from Whale Alert revealed that an anonymous wallet bought 87 million DOGE, worth over $10.8 million, from Robinhood. This massive purchase suggests growing confidence in Dogecoin’s future potential. At the same time, Dogecoin’s price has seen steady growth, climbing 21% over the last month and 3% in just a single day.
Factors Driving Dogecoin’s Bullish Outlook
Dogecoin’s recent rally is linked to several broader market events. Notably, Elon Musk’s $75 million donation to support Donald Trump’s election campaign has added fuel to the token’s momentum. This political support is seen as positive for crypto, especially Dogecoin, which has benefited from Musk’s previous endorsements. Additionally, Musk’s rumored involvement as the “Department of Government Efficiency (D.O.G.E.)” in a potential Trump administration further adds to the excitement surrounding the token.
Can Dogecoin Reach $0.50?
Dogecoin is currently riding bullish waves, trading around $0.1220, with intraday highs of $0.1294. Its 24-hour trading volume surged by 50%, while weekly and monthly gains are up by 13% and 21%, respectively. Market analysts believe Dogecoin has the potential to soar to $0.50, driven by increased investor interest and rising futures trading activity. The meme coin’s futures open interest (OI) has jumped 20%, reaching $763.15 million, with derivatives volume also skyrocketing to $3.78 billion.