Dogecoin recently experienced a significant surge, reaching its highest price in over a month. This upward trajectory is largely attributed to an accumulation spree led by substantial investors, commonly known as whales.
In late 2024, the broader market crash hit Dogecoin hard, plummeting its price from over $0.4 to $0.26 in just days.
However, Dogecoin has since shown resilience, gradually rising and consistently defending the $0.3 support level even through the recent market correction earlier this week.
Remarkably, by Thursday, it had bounced back to $0.38. The last few hours saw a further surge, pushing its value close to $0.42, a level not seen since December 12.
This price recovery is not solely due to market dynamics; rather, the resurgence of Dogecoin whales plays a pivotal role. According to data from Ali Martinez, these large investors have purchased 200 million Dogecoin tokens within a 48-hour window. This accumulation typically triggers price hikes as it reflects growing demand.
Signs indicate the Dogecoin rally might persist into the coming weeks, especially with the Trump inauguration on the horizon. Notably, Elon Musk, a prominent Dogecoin advocate, is set to oversee the new Department of Government Efficiency (DOGE) under the president-elect's administration.