Woof Woof! Whale Activity Drives DOGE Near The $0.46 Margin

• Dogecoin recovers to $0.40 milestone
• 9.52% increase in value on January 17
• Potential to reach $0.46 soon

The world’s first dog-inspired currency has reverted almost all of its recent losses after a major pump this week. Dogecoin (DOGE) recently recovered the $0.40 milestone, adding weight to speculations that the memecoin will retest the yearly high of $0.46 soon. 

On January 17, DOGE saw a 9.52% increase in value, going from $0.3795 to the current value of $0.4135 per token as per CoinMarketcap. This most recent price growth was pumped by a major volume increase of over $160 million, signaling major buyer strength for the memecoin.

Furthermore, Dogecoin has now put itself in a position to reclaim the $0.46 margin, its second-highest price ever recorded. If buyers eventually try to retest this zone, $DOGE buyers would have to see another 16% increase.

DOGE Whales Stocking Up

What likely drove the Dogecoin market up was a recent report from Santiment, regarding cryptocurrency whales ramping up their $DOGE purchases. As highlighted by social media analyst Ali Martinez, these large investors have accumulated over $200 million in DOGE over the past week.

The entire cryptocurrency market is expected to have a busy week leading up to Monday, as the next President of the United States, Donald Trump, is sworn in at Washington, D.C. on January 20th. 

Several cryptocurrency assets like Bitcoin and XRP have a lot on the line in the new Presidency. And Dogecoin is no different. Elon Musk, the memecoin’s greatest ambassador, is set to play a pivotal role in the new Government.

In theory, Dogecoin has the potential to boost back to $0.46 already on Monday, given the market optimism likely to be seen by Trump’s speech. However, it's important to remember that the cryptocurrency market is notoriously unpredictable, so any forecasts should be taken with a grain of salt.

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