2025-3-16 11:32 |
Dogecoin (DOGE) experienced a sharp rally on Sunday following former President Donald Trump’s announcement of a U.S. “Crypto Strategic Reserve.”
Although DOGE was not mentioned, the second-largest meme coin surged nearly 20%, closing at $0.24. The announcement sparked significant whale activity, with popular crypto analyst Ali Martinez highlighting the trend early Monday.
“Whales bought an additional 140 million DOGE in the last 24 hours,” Martinez tweeted.
This followed a significant accumulation spree over the weekend, with whales amassing 910 million DOGE in just 48 hours. On Friday, Martinez reported that whales were “buying the dip,” acquiring more than 530 million DOGE over 72 hours.
The renewed interest comes after a prolonged quiet period, particularly since January 25, when DOGE’s price began to decline, leading to a loss of investor enthusiasm and waning whale activity.
However, the latest surge has reignited momentum, primarily driven by Elon Musk’s involvement with the Department of Government Efficiency (DOGE). The agency’s acronym aligning with Dogecoin’s name has sparked renewed excitement, mirroring its November 2024 rally when Trump announced the department, appointing Musk and Vivek Ramaswamy to key roles. This event triggered a 15% price spike.
Speaking on The Joe Rogan Experience last week, Musk acknowledged the unexpected link between Dogecoin and the newly formed government agency.
“Doge started as a meme coin, right? A joke cryptocurrency with memes and dogs. But somehow, the letters just lined up perfectly,” Musk explained. “Originally, I was going to call it the Government Efficiency Commission, which is a very boring name. Then people online were like, ‘No, it needs to be the Department of Government Efficiency,’ and I was like, you know what? You’re right.”
Notably, the growing attention around DOGE and its unusual but high-profile connection to a government agency has fueled speculation that Dogecoin could also soon be considered for the crypto reserve becoming the first meme coin. If that happens, Dogecoin’s price and legitimacy could spike, solidifying its place not just as a joke, but as a serious asset in the evolving digital economy.
With renewed interest and increasing whale accumulation, analysts predict further gains for DOGE. On Monday, analyst Kaleo shared a chart highlighting DOGE’s breakout from a multi-month resistance trendline.
“DOGE is currently sitting at resistance from the downtrend it has been stuck under for the past two months. I wouldn’t be surprised if it takes a brief pause before breaking higher, but when it does, I expect the move up to be violent and much quicker than the move down.” Kaleo noted. At press time, the meme coin was retesting this critical level.
Meanwhile, analyst ByllifyX pointed to a bullish flag formation, offering an even more aggressive outlook. “DOGE isn’t just mooning, it’s teleporting to another galaxy. $3+ soon. Stay bullish,” he stated.
At press time, DOGE was trading at $0.17 reflecting a 1.19% surge in the past 24 hours.
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