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Cryptocurrency News Articles
Dogecoin (DOGE) Price Jumped 20% in a Few Days, Sparking Curiosity
Oct 02, 2024 at 01:14 am
Last week, Dogecoin (DOGE) saw a significant surge, jumping 20% within just a few days. This sudden rise brought the meme coin's value from $0.10745 to a peak of $0.13080
Dogecoin (DOGE) price saw a significant surge last week, jumping 20% within just a few days. This sudden rise brought the meme coin’s value from $0.10745 to a peak of $0.13080, sparking curiosity about what triggered such an unexpected movement in the market.
As dogecoin surged, even its co-creator seemed unsure of the reasons behind the price change.
Billy Markus: “No Idea” Why Dogecoin Price Jumped
When asked about the sudden price rise, Dogecoin co-creator Billy Markus responded with humor and uncertainty. On his X account, Markus stated he had “no idea” why the coin surged, adding that this is usually his answer to questions about cryptocurrency prices.
Falling Wedge Pattern Could Signal a Breakout
While Markus may not have an explanation, analysts turned to the technical charts for answers. Trader Tardigrade, a well-known analyst in the crypto world, pointed out that Dogecoin’s monthly chart showed signs of a Falling Wedge pattern. This pattern is typically seen as an indication of a possible price breakout, which may explain the sudden upward movement of the coin.
Tardigrade compared this recent pattern to previous cycles where Dogecoin experienced similar increases. Referring to it as the start of “DOGE season,” he suggested that Dogecoin could see further gains if the pattern continues.
Whale Activity Behind Dogecoin’s Price Surge
A large factor driving Dogecoin’s recent surge is whale activity. Over a 48-hour period, whales accumulated 1.4 billion DOGE, valued at roughly $140 million. Whale purchases like these often lead to market shifts, as large-scale buying can cause prices to increase sharply.
In addition to the initial whale activity, another large purchase of 1.4 billion DOGE followed shortly after. This led to further price movements, highlighting how significant whale transactions can impact the market. DOGE has been known for such sudden changes due to its popularity among both retail investors and large holders.
Dogecoin’s Market Cap Reaches $6.8 Billion
As of now, Dogecoin’s market cap stands at $6.8 billion, reflecting the impact of these recent whale trades.
Meanwhile, Billy Markus has clarified that he is not launching any new cryptocurrencies. He has advised investors to be cautious of misinformation about his role in other projects, particularly in a market where rumors can spread quickly.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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