Dogecoin price rises 150% in 4 days, but DOGE is now the most “overbought” since April 2021
DOGE price could drop 60% by the end of this year as it hits its most overbought level since April 2021 .
Altcoin Watch
Dogecoin (DOGE) price rally continued on October 29 on hopes that the cryptocurrency would get a major boost from Elon Musk's acquisition of Twitter.
> Elon Musk raises the price of Dogecoin againThe price of Dogecoin jumped nearly 75% to $0.146 on October 29, the biggest daily rise since April 2021.
DOGE/USD daily price chart. Source: TradingViewNotably, the meme-coin's massive intraday rally was part of a larger uptrend that began earlier this week on October 25th. In total, DOGE's price gained 150% during the October 25-29 price rally.
The rise was also accompanied by a decent increase in its daily trading volumes. This coincided with a spike in the number of DOGE transactions exceeding $100,000, according to Santiment. Both indicators suggest growing demand for Dogecoin tokens among wealthy investors, or so-called "whales".
Number of Dogecoin whale transactions. Source: SantimentThe jump through Dogecoin's key metrics reflects investor excitement over Elon Musk's October 27 acquisition of Twitter. Earlier this year, the billionaire entrepreneur flirted with the idea of making
DOGE price could drop 60% by the end of this year as it hits its most overbought level since April 2021 .
Altcoin Watch
Dogecoin (DOGE) price rally continued on October 29 on hopes that the cryptocurrency would get a major boost from Elon Musk's acquisition of Twitter.
> Elon Musk raises the price of Dogecoin againThe price of Dogecoin jumped nearly 75% to $0.146 on October 29, the biggest daily rise since April 2021.
DOGE/USD daily price chart. Source: TradingViewNotably, the meme-coin's massive intraday rally was part of a larger uptrend that began earlier this week on October 25th. In total, DOGE's price gained 150% during the October 25-29 price rally.
The rise was also accompanied by a decent increase in its daily trading volumes. This coincided with a spike in the number of DOGE transactions exceeding $100,000, according to Santiment. Both indicators suggest growing demand for Dogecoin tokens among wealthy investors, or so-called "whales".
Number of Dogecoin whale transactions. Source: SantimentThe jump through Dogecoin's key metrics reflects investor excitement over Elon Musk's October 27 acquisition of Twitter. Earlier this year, the billionaire entrepreneur flirted with the idea of making
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