The recent surge of Dogecoin in whale activities caused the assumption that the coin of the meme could be on the verge of a large rally. Only on the last day, DOGE trade volumes increased by almost 20%.
This increased demand and a decrease in the circulating offer can pave the path to raising prices, especially that global political events unfold, and such influential people as Elon Musk continue to defend the coin.
At the time of publication, the rain was traded for $ 0.3734, which is a 15% increase over the past week. This is despite the decline by 3% over the last day. Token meme is currently taking seventh place on Coinmarketcap with an estimate of more than $ 54 billion.
Whale activity causes speculation
In times of increased volatility in the cryptocurrency market, Dogecoin takes significant steps. Despite Bitcoin’s dramatic differences, Dogecoin steadily ranges from 0.31 to 0.41 dollars from January 1.
Currently, at a price of about $ 0.37, the Meme coin is surviving trading activities, signaling that there is an increase in demand for memoin. CoinmarketCap data show that the token has grown by 20% over the past 24 hours with more than $ 9 billion.
It can also encourage small investors to enter the market, additionally adding an impulse. In addition to increased activity, there are other factors that can help increase Dogecoin growth. The inauguration of Donald Trump as the 47th President of the United States attracted the attention of many in the crypto community.
During his campaign, Trump made a prostitute promise, and his administration is expected to give the industry more attention. The participation of Elon Mask in the Trump administration is another element that can benefit Dogecoin.
Role Mask in the Doga Department
Musk, a convinced supporter of Dogecoin, expressed the volume about the Department of Government Efficiency (DOGE), which was instructed to reduce bureaucratic inefficiency in the US government.
This connection between the new role of Musk and the symbol of the Ticker Dogecoin created a sense of optimism among DOGE supporters. Many believe that the influence of Musk in the administration can positively affect the value of Dogecoin.
DOGE ELON MUSK to file a lawsuit within a few minutes after Trump’s inauguration – wphttps: //t.co/nggourimba
– livesquawk (@livesquawk) January 20, 2025
However, the recently formed DOGE Department is not without disputes. According to The Washington Post, national security consultants, a law firm for public interests, is preparing a lawsuit against the agency for allegedly violation of the law of the Federal Advisory Committee.
With such significant political and economic factors, in the game Dogecoin is at an interesting intersection. Although its price remains unstable, the growing support of both influential numbers and large investors can lead to a price increase, at least in the near future.
