Dogecoin Rally: 74,000 New Wallets Boost DOGE While Whales Retreat

• Retail interest in Dogecoin is growing per on-chain data insights.
• Dogecoin’s growth prospects remain high per links to Elon Musk and Donald Trump.

Dogecoin (DOGE) has continued its bullish rally amid ongoing momentum in the broader crypto market. The price of DOGE has surpassed the $0.4 level for the first time since June 2021, demonstrating its resilience.

Dogecoin Retail Adoption Drives Historic Rally

Santiment, a popular on-chain data analytical platform, revealed that increased activities from retail players are driving the ongoing DOGE rally. Over 74,88 wallets (mainly retail) holding less than 100,000 DOGE in the past four weeks were discovered. Meanwhile, whale investors retreated from their investments, with a net drop of -350 in this same timeframe.

Regardless of your take on meme coins, it has been impossible to ignore the ascension of crypto’s top meme coin. In the past 4 weeks, there have been 74,885 more wallets holding less than 100K DOGE.

Meanwhile, shark and whale wallets are declining during this time, with a… pic.twitter.com/MNmJVvKfbj

— Santiment (@santimentfeed) November 12, 2024

However, Santiment noted that 108 whale accounts have returned in the past few days. Their comeback has helped drive the fresh rally of over $0.40, the first in three and a half years. Santiment claims the ideal scenario is a joint DOGE accumulation from retail and whale investors. 

Therefore, the next few days are critical to see if DOGE whales will maintain their current momentum. Meanwhile, CoinGlass data shows that open interest increased by over 42% within the last 24 hours, suggesting that big players restored confidence.

At press time, DOGE traded for $0.4152, up 46.8% in the past day and 147% in the past week. The daily trading volume increased by 47.7% to $27.4 billion, indicating investors’ increased interest as the coin tests key breakout levels. 

The increased trading volume, retail participation, and institutional involvement provide a solid platform for DOGE’s potential upward movement. Crypto analyst Ali Martinez believes Dogecoin is on the verge of a parabolic rise. Martinez predicts the price will peak between the 1.618 and 2.272 Fibonacci levels, resulting in a potential price range of $3.95 to $23.26.

As reported by CNF, Dogecoin could turn 50,000 people into millionaires as it gears up for substantial growth in the coming days.

The Influence of Donald Trump and Elon Musk on DOGE’s Price

The recent surge in Dogecoin price is also driven by speculation around Elon Musk’s potential role in the Donald Trump administration. Musk has often expressed interest in running the Department of Government Efficiency (D.O.G.E.) under Trump’s new administration.

This has raised optimism among traders that DOGE will receive more mainstream media attention and retail trading interest. Additionally, there are expectations of approving a US DOGE Exchange-Traded Fund (ETF). A DOGE ETF could attract more institutional players if approved, positioning the memecoin as a viable investment asset.

Moreover, Dogecoin’s price surged by an amazing 156% amid the excitement surrounding the US election and Trump’s victory. As a result, DOGE outperformed almost all of the top ten altcoins in the market.