- DOGE surged 13% after Tesla’s Bitcoin transfer sparked market speculation.
- Dogecoin hit $0.1249, with trading volume rising 72% in 24 hours.
- Although Tesla’s move boosted DOGE, it’s still trading 83% below its all-time high.
Dogecoin (DOGE) surged 13% following Tesla’s decision to transfer all Bitcoin holdings in a series of large transactions. This sparked speculation across the market, with Dogecoin riding the wave and hitting $0.1249.
The timing appeared too perfect to be a coincidence as the crypto community responded to Tesla’s bold financial move. Can DOGE maintain this bullish momentum?
Dogecoin’s Strong Rally
Within 24 hours, DOGE surged from $0.1105 to $0.1249. By 9:00 AM UTC, the price locked in over 7% of this gain, settling near $0.12. Investor interest drove trading volume up 72%, with $1.78 billion worth of DOGE changing hands.
The increased activity pushed Dogecoin’s market cap to $18.50 billion, with 146.39 billion tokens in circulation. Traders remain hopeful about further gains. DOGE has risen 16% in the past week, 24% over the month, and an impressive 111% in the last year.
Despite the strong momentum, DOGE still trades 83% below its all-time high of $0.7376. While far from its peak, the recent surge signals that many still believe in the coin’s potential.
Tesla’s Bitcoin Transfer Fuels Speculation
Tesla’s massive Bitcoin transfer likely triggered the DOGE rally. The company moved all 11,509 BTC, worth $760 million, to new wallet addresses. This move caused speculation to spread across the crypto community.
Some analysts suggest that Tesla is trying to secure Bitcoin for custodial purposes, while others predict a possible Bitcoin selloff. Another theory suggests Tesla could be preparing to buy back shares or invest in new projects.
Optimists see the move as a protective measure, boosting confidence in Bitcoin and Dogecoin. With Tesla remaining quiet, traders continue to watch for further developments.
In the end, Tesla’s action has clearly revived the market, pushing both Bitcoin and Dogecoin higher. For now, investors and traders are optimistic, anticipating the price of DOGE to rise further.
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