- On-chain data metrics from IntoTheBlock and Santiment suggest that increased whale activities influenced Dogecoin price rallies.
- New daily active wallet addresses of over $100k transactions are created as the price of DOGE maintains an uptrend.
Following the just-concluded U.S. election, the price of Dogecoin (DOGE) has rallied above $0.19, over 21% in the past seven days, as whale activities continue to rise, indicating that the price of Dogecoin (DOGE) could be sustained for a longer period.
Onchain activity for Dogecoin (DOGE) continues to hit new highs despite the price of DOGE suffering some minor price retracement to a region of $0.18, as many analysts believe such retracement is healthy for the price to rally higher.
Will DOGE’s price rally be sustained as price attempts to create new yearly highs, or will the price suffer a setback? After the post-Trump win, let’s discuss some metrics that suggest DOGE could be brewing for something bigger.
Dogecoin Whales Hits the Pedals
Source – Santiment Doge Whale Activities
According to on-chain activity from sentiment, the wallet addresses and transactions of Whale continue to hit a new record of over seven months, with over $100k new active wallet transactions created daily as the price of Dogecoin (DOGE) continues to coil up to a high of $0.23 and a possible rally to $0.3.
Data from IntoTheBlock also indicates wallets of whales have seen many transaction activities leading up to the U.S. presidential election with a netflow of over 431.3 million DOGE movements registered with over 950% surge in transaction activities in less than 24 hours.
Such metrics indicate that whales who understand the sentiments surrounding the U.S. election would like to take advantage of the post-Trump win as the price of DOGE surged to a high of $0.22 following the election results being collated and announced.
Despite some whales selling off their share of Dogecoin (DOGE) purchases as the price declined, the overall sentiment remains bullish after breaking out from its yearly low. Many analysts expect the price of DOGE to rally high to a possible $1 mark in the near future.
Although this is possible considering Dogecoin’s past price action, DOGE remains a volatile cryptocurrency pair. Conducting due diligence before buying into these crypto assets would be necessary.
DOGE Short-term Price Analysis
Source – Weekly Dogecoin Chart on Tradingview
Technical analyst Ali on X (formerly Twitter) tweeted that the recent price decline is nothing compared to the overall bullish trend. The price of Dogecoin (DOGE) is still in an uptrend. It currently trades around $0.19, forming a bit of an accumulation with a possible rally to a high of $0.22.
The daily and weekly charts for DOGE suggest a breakout above $0.22. With strong uptrend volume, the price of DOGE could rally to $0.35, around an 80% price rally from its current trading price of $0.19.
