Dogecoin Price Predictions: Dogecoin Price Rises 10% Amid Increased Whale Activity and Retail Investor Interest

The price of Dogecoin (DOGE) has increased by more than 10% at the time of writing this report on Wednesday, driven by increased demand from major investors and retail investors. Technical forecasts indicate a bullish trend for Dogecoin, with its price surpassing $0.1000, along with rising momentum in the short term.

- Surge in Demand for Dogecoin
Dogecoin is gaining increasing momentum as the broader market shifts focus toward meme-related cryptocurrencies. Santiment data shows growing interest from retail investors in Dogecoin, with its social media dominance rising to 0.287% compared to 0.128% the previous day. This indicates a significant increase in social engagement around the oldest meme-linked digital currency, supporting its short-term gains.

Meanwhile, 39 transactions of $1 million or more have been made so far on Wednesday, up from 27 transactions the previous day, indicating renewed interest from large wallet investors, commonly known as whales.

Social dominance of DOGE and whale activity. Source: Santiment

CoinGlass data confirms increasing retail investor demand, with open interest in Dogecoin futures reaching $1.78 billion, up over 24% in the past 24 hours, while the funding rate stands at 0.0043%. This rise in open interest reflects increased positions, while the positive funding rate indicates a bullish trend, with traders eager to buy long positions at a premium.

Additionally, asset liquidations totaling $21.73 million over the past 24 hours, led by short liquidations of $21.30 million, further confirm the bullish dominance.

Dogecoin derivatives data. Source: CoinGlass

Can the rise in Dogecoin’s price sustain its momentum to surpass the 200-day exponential moving average?
Dogecoin is trading above $0.1000 at the time of writing this report on Wednesday, continuing its gains above the 50-day exponential moving average at $0.0968, and the downward resistance line that had been capping the price at $0.0967. This shifts the near-term outlook to a slight bullish bias, while the price remains below the 200-day exponential moving average at $0.1249.

Momentum continues $BTC