Dogecoin $0.113605 Market sentiment on the (DOGE) price turned bullish on Thursday, amid on-chain data and Elon Musk’s comments. Cryptocurrency analyst Ali Martinez noted that Dogecoin whale holdings have increased significantly in recent days, with 1.40 billion coins being stockpiled. The dog-themed cryptocurrency’s price also recently climbed above the critical resistance level of $0.111, reinforcing the bullish trend amid Musk’s “Dogefather” comments.
Whale Accumulations Increased
American billionaire Elon Musk shared a photo of a dog behind Dogecoin on the X platform today, using the phrase “Dogefather.” This development has increased investor interest in the altcoin in light of increasing Dogecoin whale accumulations and the coin’s exceedance of its resistance level. According to whale data shared by Martinez on X, as of September 26, Dogecoin whales have purchased 1.40 billion DOGE coins in the last 48 hours. These large accumulations have a market value of approximately $140 million.
Investors Turn Their Attention to Dogecoin as Price Resistance is Overcome
Martinez stated that the Dogecoin price has passed the critical resistance level of $ 0.111, and that 36 billion DOGE are held at this level from 62 thousand addresses. The analyst confirmed that if the relevant resistance level is held, the memecoin will enter an uptrend in the coming period.
Other Meme Coins Also Benefited
Dogecoin is trading at $0.1137 at press time and is up about 5% in the past 24 hours. Other memecoins like SHIB, PEPE, and WIF are also up 8% to 15% today. The data shows that Dogecoin’s futures open interest (OI) increased by 12% to $600.32 million, while derivatives volume increased by 34% in the past 24 hours to $1.39 billion.
“DOGE is expected to enter its final expansion phase for this cycle,” said Mikybull Crypto, a crypto analyst who is closely followed by Martinez.
Dogecoin, which Musk calls the “Dogefather,” continues to be supported by strong buying pressure in the markets and whale accumulation. These factors contribute to Dogecoin’s uptrend in the overall cryptocurrency market.
Dogecoin’s recent rally continues to attract investors’ attention, thanks to both on-chain data and Elon Musk’s supportive statements. Large-scale accumulation by whales and breaking through the critical resistance level could have positive effects on DOGE’s future performance.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
