Dogecoin Nears $0.20 Amid Increased Whale Activity: Can the DOGE Price Rally Even More?

TL;DR

• Dogecoin’s price soared over 35% in a week, outperforming major cryptocurrencies in trading volume.
• The surge coincides with a substantial DOGE transfer initiated by a mysterious whale.

The cryptocurrency market has rebounded in the past week, with Dogecoin (DOGE) among the best performers. Its price has jumped by over 35% on a 7-day scale, reaching almost $0.20.

Additionally, DOGE surpassed several rivals on different fronts. For example, the trading volume generated by the biggest meme coin in the last 24 hours exceeded $3.6 billion. Solana (SOL), Ripple (XRP), and Binance Coin (BNB) are trailing behind with $3.5 billion, $1.8 billion, and $1.7 billion, respectively.

Dogecoin’s resurgence coincides with increased activity from large investors. Whale Alert revealed the case of one mysterious person (or entity) who  transferred  over 1 billion DOGE (worth more than 180 million at current rates) to an unknown wallet. 

Numerous X users commenting on the post shared optimism that the move might be a precursor of a significant price pump. Others wondered who this mysterious whale could be, with some suggestions pointing out to Elon Musk.

Tesla’s CEO is an outspoken proponent of the meme coin and a HODLer. Earlier this month, he  hinted  that his EV giant might accept DOGE as a payment method “at some point.” He also promised to continue supporting the asset, adding “Dogecoin to the Moon.”

Some analysts have recently outlined optimistic price predictions for the token. DonAlt was among the biggest bulls,  maintaining  that “it isn’t too unlikely for Dogecoin to go to $1” based on how it is trading against Bitcoin.

DOGE is not the only meme coin to have performed quite well as of late. Shiba Inu (SHIB) is up 20% weekly, while the Solana-based dogwifhat (WIF) has soared by 42% for the same period.

Those willing to learn more about the different meme coins, their specifics, and related risks, feel free to check our dedicated video below: