Dogecoin whales jump in: DOGE climbs 28%, thanks to the ‘Trump effect’

• Dogecoin surged 28% amid Trump’s early lead in the 2024 U.S. presidential race.
• Whale activity intensifies, driving bullish momentum.

In a bold surge, Dogecoin [DOGE] has skyrocketed 28% in the past 24 hours. This rally comes as former President Donald Trump takes an early lead in the U.S. presidential vote count, igniting a wave of speculative fervor across the crypto market.

The news has unleashed fresh enthusiasm among traders, fueling gains in meme assets and prompting high-volume trades from crypto whales.

Analysts suggest that Trump’s popularity among certain online communities may be fueling optimism in crypto circles, while traders and whales seize the moment, sending Dogecoin and similar assets on an upward trajectory.

Whale movements fuel DOGE rally

Source: TradingView

Dogecoin has shown a remarkable surge, gaining over 28% in recent trading sessions. The price currently sits at $0.2101, with a high of $0.2193 in the last 24 hours.

This sharp upward movement was accompanied by increased trading volume, reflecting strong buying interest.

The RSI at 77.84 was in the overbought zone, indicating potential for either continued bullish momentum or a pullback as traders may start taking profits. OBV was also rising, confirming that the uptrend is definitely supported by substantial volume inflows.

Source: Santiment

The recent 28% surge in Dogecoin’s value has been accompanied by a significant increase in whale activity. Whale transactions exceeding $100,000 and $1 million have spiked alongside DOGE’s price rally, indicating significant interest from large investors.

This uptick suggests that whales are driving the recent price action, potentially seeing opportunity amid the heightened media and public attention from the U.S. presidential race.

Historically, such whale involvement can amplify volatility as large buys push prices higher, attracting retail traders. However, the large-scale accumulation by whales also hints at potential confidence in sustained upside momentum.

Broader market trends and Dogecoin’s volatility

Dogecoin’s high volatility has made it especially responsive to politically charged events, often reacting more sharply than traditional assets to shifts in market sentiment.

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This heightened sensitivity reflects the speculative nature of meme assets, where investor enthusiasm can drive rapid gains or losses.

For investors, this underscores the risks of trading speculative assets in volatile political climates. Monitoring whale activity can provide insights into potential trends, but Dogecoin’s price remains vulnerable to sudden catalysts.