On Thursday, market sentiment surrounding Dogecoin 
$0.338544 (DOGE) surged, driven by on-chain data and comments from Elon Musk. Cryptocurrency analyst Ali Martinez reported a significant increase in Dogecoin whale accumulation, revealing that 1.40 billion coins have been stocked recently. Concurrently, the price of the dog-themed cryptocurrency surpassed the critical resistance level of $0.111, further strengthening the upward trend amid Musk’s “Dogefather” remarks.
Whale Accumulation Increased
American billionaire Elon Musk shared a photo of the dog behind Dogecoin on the X platform today, using the phrase “Dogefather.” This development has drawn increased investor interest in the altcoin, given the rising Dogecoin whale accumulation and the breach of the coin’s resistance level. According to whale data shared by Martinez, as of September 26, Dogecoin whales acquired 1.40 billion DOGE coins in the past 48 hours. This massive accumulation holds an approximate market value of $140 million.
Investors Focus on Dogecoin as Price Surpasses Resistance
Martinez noted that Dogecoin’s price has exceeded the critical resistance level of $0.111, with 36 billion DOGE held across 62,000 addresses at this level. The analyst confirmed that if this resistance level is maintained, the meme coin is likely to enter an upward trend in the upcoming period.
Other Meme Coins Also Benefit
At the time of writing, Dogecoin’s price stands at $0.1137, reflecting an approximately 5% increase over the last 24 hours. Other meme coins, such as SHIB, PEPE, and WIF, have also recorded price increases ranging from 8% to 15% today. Data reveals that the open interest (OI) of Dogecoin futures has risen by 12% to $600.32 million, while trading volume surged by 34% to $1.39 billion in the last 24 hours.
Cryptocurrency analyst Mikybull Crypto, known for his insights like Martinez, stated that “DOGE is expected to enter the final expansion phase for this cycle.” Musk’s identification of Dogecoin as the “Dogefather” continues to attract strong buying pressure and whale accumulation in the markets. These factors contribute to Dogecoin’s upward trend in the overall cryptocurrency market.
The recent rise of Dogecoin continues to captivate investors’ interest, thanks to both on-chain data and supportive statements from Elon Musk. The large-scale coin accumulation by whales and the surpassing of the critical resistance level may positively impact DOGE’s future performance.
