Dogecoin: Tweet from Elon Musk causes brief memecoin rally

Because of the billionaire, the activity of Dogecoin whales is increasing again and the DOGE rate rose sharply.

A X-post by Elon Musk caused the Dogecoin price to soar last weekend. Since the tweet, the DOGE price has risen 9%.

In response, the Dogecoin whales have increased their activity. They are accumulating new coins, which could cause the price to rise further in the coming days.

According to data from IntotheBlock memecoin's net inflows have risen 832% over the past seven days. At current market prices, DOGE worth $69 million was accumulated in the process.

Dogecoin whales, which control more than 0.1% of DOGE supply, have a particular impact on the market. Increased accumulation by these whales may encourage retail investors to buy more as well.

Santiment data show that Dogecoin's "weighted sentiment," a measure of market sentiment, is at 0.59. This indicates increasing optimism in the market.

The Chaikin Money Flow (CMF) measures capital inflows into the market. The current value of 0.08 shows that buying pressure significantly exceeds selling pressure.

Another value that confirms this optimistic sentiment is the On-Balance Volume (OBV). The rise in the OBV value is another sign of increasing demand for Dogecoin.

If current buying dynamics continue, the Dogecoin price could rise 22%, reaching the $0.11 mark again.