Ifeanyi Jesse 
Users rushed to buy Dogecoin after the official Twitter logo was changed to a dog picture, which caused the price of the meme currency to go up by 30%. The sudden price rise gave Dogecoin whales a chance to profit from their lower-valued holdings. These astute investors cashed in on the frenzy, sending Dogecoin back to levels not seen since February 4.
Dogecoin Whales Exploit Market Profit
Dogecoin is currently trading at $0.098, similar to the price surge on February 4, fueled by a tweet from Elon Musk. Dogecoin’s recent price rise has helped it break through several technical resistance levels, such as the 50 and 200 exponential moving averages (EMAs), trendlines, and trading channel resistance.
The power and influence of social media on the cryptocurrency market can be seen in the recent price change. Traders quick to respond to news and developments, such as the change in the Twitter logo, can make significant gains quickly. But this allows whales to exploit the market’s feelings and profit from their investments.
Rapid Price Fluctuations of Dogecoin
It is important to note that the rapid price fluctuations of Dogecoin and other meme cryptocurrencies can lead to increased volatility, making them a risky investment for inexperienced traders.
Those who want to enter the market should know that prices can change quickly and that things like celebrity endorsements and social media trends can have an effect. Traders and investors are interested in Dogecoin’s recent price rise, but it’s still too early to tell if the meme-based cryptocurrency can continue.
Dogecoin’s long-term potential may be limited because it has no actual use, and its price growth is based on social media hype.
