- Dogecoin surged 28% during Trump’s early lead in the 2024 US presidential race.
- Whale activity is increasing, creating bullish momentum.
In a bold wave, Dogecoin [DOGE] is up 28% in the last 24 hours. The rally comes as former President Donald Trump takes an early lead in the counting of the US presidential election, creating a wave of speculative enthusiasm across the crypto market.
The news has unleashed new enthusiasm among traders, fueling gains in meme assets and fueling large-scale trades by crypto whales.
Analysts suggest that Trump’s popularity among certain online communities could fuel optimism in crypto circles, as traders and whales seize the moment and send Dogecoin and similar assets on an upward trajectory.
Whale moves fuel DOGE rally
Source: TradingView
Dogecoin has shown a remarkable rise, gaining over 28% in recent trading sessions. The price is currently at $0.2101, having reached a high of $0.2193 in the last 24 hours.
This sharp upward move was accompanied by increased trading volume, reflecting strong buying interest.
The RSI at 77.84 was in the overbought zone, indicating potential for continued bullish momentum or a pullback as traders may start taking profits. The OBV also rose, confirming that the uptrend is certainly supported by substantial volume inflows.
Source: Santiment
The recent 28% increase in Dogecoin’s value has been accompanied by a significant increase in whale activity. Whale trades above $100,000 and $1 million have risen alongside DOGE’s price increase, indicating significant interest from major investors.
This uptick suggests that whales are driving the recent price action and may see opportunity amid the increased media and public attention of the US presidential race.
Historically, such whale involvement can increase volatility as large purchases push up prices and attract retailers. However, the large-scale accumulation of whales also signals potential confidence in continued upward momentum.
Broader market trends and Dogecoin volatility
Dogecoin’s high volatility has made it particularly sensitive to politically charged events, often reacting more sharply than traditional assets to shifts in market sentiment.
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This heightened sensitivity reflects the speculative nature of meme assets, where investor enthusiasm can cause quick gains or losses.
For investors, this underlines the risks of trading speculative assets in a volatile political environment. Monitoring whale activity can provide insight into potential trends, but Dogecoin’s price remains vulnerable to sudden catalysts.