In the last 48 hours, there has been a significant increase in investor activity in Dogecoin, influencing not only its price but also the overall state of the cryptocurrency market.
Increase in Whale Activity in Dogecoin
In the past 48 hours, there has been a surge in purchasing Dogecoin by large investors, known as whales. Crypto analyst Ali reported that during this period, 1.08 billion DOGE has been accumulated. This increase is associated with the overall rise in buying pressure across the cryptocurrency market.
Dogecoin Price Predictions
Currently, the price of Dogecoin has risen by 3.53%, reaching $0.247 after the passage of the GENIUS Act, which is seen as a crypto-friendly legislative catalyst. Analysts note that DOGE maintains an upward trend after hitting a low of $0.188 on July 15, having reached $0.257 five days later.
Market Outlook
At this point, Dogecoin is up over 48% from a month ago but still nearly 71% off its record high from 2021. Investors expect that ongoing buying will allow DOGE to overcome resistance levels, with a key level at $0.36.
The increase in activity from large investors in Dogecoin and positive price forecasts indicate potential changes in the market, with the continuation of the current trend possibly leading to significant movements in the future.
