Elon Musk’s ‘The Dogefather’ Post Sparks DOGE Price Rally

DOGE News: Market sentiments orbiting Dogecoin (DOGE) price appear to have taken a paradigm shift on Thursday, turning bullish against the backdrop of on-chain data and Elon Musk’s comments. Crypto market analyst Ali Martinez revealed that Dogecoin whale accumulations soared remarkably in recent days as over 1.40 billion tokens were sacked. Simultaneously, the dog-themed crypto’s price also topped the crucial resistance level of $0.111 lately, solidifying a bullish stance amid Musk’s ‘Dogefather’ comments.

DOGE News: Elon Musk Posts “Dogefather,” Whale Accumulations Soar

American billionaire Elon Musk today took to X, posting a picture of the dog behind Dogecoin, saying ‘Dogefather.’ This development, in light of the rising Dogecoin whale accumulations and the token’s price upswing past its resistance, has garnered additional investor curiosity surrounding the digital asset.

According to whale data streamlined by Ali Martinez on X, dated September 26, DOGE whales have made news, sacking over 1.40 billion Dogecoin tokens in the past 48 hours. These massive accumulations boast a total market value of approximately $140 million. Notably, the surge in whale accumulation underscores a bullish sentiment for the coin prevailing within the market.

Simultaneously, in another post by the crypto analyst, it was pointed out that Dogecoin price has sprinted past the crucial resistance of $0.111. Roughly 62K addresses hold over 36 billion DOGE on this resistance level. Concerning this, should the dog-themed meme coin hold a break above the mentioned resistance, the analyst confirms a bullish breakout ahead.

DOGE Price Soars

At press time, Dogecoin price rested at $0.1147, up nearly 5% in the past 24 hours. The coin’s intraday low and high were recorded as $0.1071 and $0.1146, respectively. The coin’s rising movement falls in line with the broader meme coin sector’s gains. Notably, SHIB, PEPE, and WIF prices gained nearly 8%-15% today. Meanwhile, it’s also worth noting that the coin today leverages considerable buying pressure brought upon by the massive whale accumulations.

Simultaneously, Coinglass data today illustrated a 12% jump in Dogecoin’s futures OI to $600.32 million. Moreover, the derivatives volume surged nearly 34% over the past day to $1.39 billion. Altogether, market stats hint that the coin is currently on an uptrend. The recent bullish on-chain stats have emerged as noteworthy DOGE news amid the token’s price upswing and Elon Musk’s recent comments.

Additionally, crypto market analyst Mikybull Crypto took to X, stating that “DOGE final phase expansion is about to begin for this cycle.” A recent Dogecoin price analysis by CoinGape also solidifies optimism for the same, as the project founder vows never to create any other coin. Overall, the meme token currently rides bullish waves across the vast sea of digital assets.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.