DOGE price is at a monthly high of $0.42 as Dogecoin Walls enters the pile.

TL:DR;

Dogecoin joined the bull party with a big rally the previous day, taking it to its highest price in over a month. This comes amid the latest round of crowdfunding by a large group of investors known as WELL.

In the year At the end of 2024, the OG meme coin was hit hard during the broader market crash and its price fell from over $0.4 to $0.26 within days.

Since then, however, DOGE has steadily risen and managed to defend the $0.3 support during the latest correction at the beginning of the current working week.

Moreover, it dropped dramatically and jumped to $0.38 by Thursday. The bulls have been on the gas pedal in the last several hours, pushing the estimate to around $0.42 for the first time since December 12th.

Aside from the more obvious general market resurgence, another very likely reason behind this impressive rally is the resurgence of the DOGE whales. According to data shared by Ali Martinez, such large investors accumulate 200 million tokens in 48 hours, which usually causes the price to increase due to the growing demand.

Whales bought 200 million #Dogecoin $DOGE in the last 48 hours! pic.twitter.com/vYSI3C2cUs

— Ali (@ali_charts) January 16, 2025

Dogecoin may continue its rally in the coming days and weeks, during the upcoming inauguration of Trump. After all, Elon Musk, one of the biggest supporters of DOGE, will lead a new administration called DOGE, which was chosen by the president.