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Dogecoin price rises over 20 percent! Whale transactions are increasing



 The world's largest meme coin is currently on a high, gaining more than 10% for the second day in a row! At the time of writing, DOGE is trading at $0.0799, up over 20 percent in the last 24 hours.


This is the first time in ten weeks that DOGE price is above $0.07. The recent rise in price has come amid large whale transactions. According to on-chain data provider Santiment, there have been more than 420 DOGE-whale transactions, each valued at over $100,000. Also, Dogecoin (DOGE) trading volume has reached a staggering $1.18 billion. The data provider states:


Dogecoin surged above $0.072 for the first time in 10 weeks after #Ethereum saw a breakout over the past few days. Both $DOGE whale transactions and trading volume increased to August levels. Markets generally polarize when #memecoins decouple.

Some market analysts believe the recent Dogecoin (DOGE) rally is related to Elon Musk likely finalizing the Twitter deal later this week, Bloomberg reports. So the Dogecoin community could cheer that the deal could pave the way for DOGE transactions on Twitter. Elon Musk has been the biggest supporter of Dogecoin (DOGE) in recent years, believing that the meme cryptocurrency is better than Bitcoin for conducting daily payments.


Dogecoin (DOGE) price rally resumes

In the last 48 hours, DOGE price is up more than 30%. As a result, its valuation has increased to USD 10 billion in a short period of time. Still, Dogecoin (DOGE) is trading at a discount of more than 90% from its all-time high of $0.73 in May 2021.


According to the chart setup, DOGE price rally might continue. DOGE price made a successful break out of its descending resistance line. The DOGE course has been following this line for almost 18 months now. The next resistance for DOGE now stands at $0.088.

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