DOGE Now Most ‘Overbought’ Since April 2021

doge coin

The Dogecoin price rally extended further on Oct. 29 in hopes that the cryptocurrency would get a major boost from Elon Musk’s Twitter acquisition.

Dogecoin price jumped by nearly 75% to reach $0.146 on Oct. 29, the biggest daily gain since April 2021.

Notably, the meme coin’s massive intraday rally came as a part of a broader uptrend that started earlier this week on Oct. 25. In total, DOGE’s price gained 150% during the Oct. 25-29 price rally.

The surge was also accompanied by a decent increase in its daily trading volumes. That coincided with a spike in the number of DOGE transactions exceeding $100,000, according to Santiment. Both indicators suggest a growing demand for Dogecoin tokens among rich investors, or so-called “whales.”

The jump across Dogecoin’s key metrics reflects investors’ excitement about Elon Musk’s Twitter acquisition on Oct. 27. 

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