- The Dogecoin price has recorded a high touch with Bitcoin, which is expected to experience a bullish acceleration in May.
- On-chain data shows that dogcoin whales have been aggressively accumulated over the last few weeks.
The recent Bitcoin (BTC) rally above $ 103k triggered the re-emergence of Fomo entrepreneurs, especially in the memecoin space led by Dogecoin (DOGE). According to the latest market data at the time of this writing, the total Captto Market Cap advanced more than 24 percent in the past 24 hours to hover around $ 70B.
Deep Memecoin-liquid in addition to the stable defi and CEFI infrastructure established over the last few years plays a major role in the new entrepreneurs.
Dogecoin network notes favors foundations
Dogecoin is a veteran memecoin project that is secured by the legendary procedure of proof-of-work consent, similar to Bitcoin's. As a result, the Dogecoin network attracts more institutional investors seeking to vary -their crypto portfolios are different.
In addition, the Dogecoin network has received unrelenting support from billionaire tech Elon Musk and his unicorn family. In addition, the US SEC is expected to approve some ETF are dogecoin's ETF areas before the end of this year.
As recently reported by Coinpedia, the on-chain data analysis shows whale investors increased their appetite in Dogecoin in the past.
Crucial short -term targets for Doge Price
From a technical analysis perspective, it is clear that the dogcoin price has established a rising trend over the last two years. After successfully rebound from the 200-week transfer of average simple (SMA), the Dogcoin price rallied to more than 12 percent over the past week to trade above the 50-week SMA.
As a result, if the dog price continues to close above 21 cents in the coming days, a rally to 26 cents and 45 cents will not be avoided in the short term. Moreover, the large memecoin cap, with a fully melted appreciation of nearly $ 30.5 billion, has been damaged in a correction and repair for confirmation.
