November has proven eventful in the cryptocurrency world, with recent comments from Donald J. Trump stirring the memecoin pot.
Trump’s suggestion that Elon Musk, alongside Vivek Ramaswamy, could lead the Department Of Government Efficiency (DOGE) appears to have reignited enthusiasm for Dogecoin ($DOGE) and other meme assets.
🚨 JUST IN: Donald J. Trump says “Elon Musk in conjunction with Vivek Ramaswamy to lead the Department Of Government Efficiency, DOGE. pic.twitter.com/1HIj99SYpi
— CoinEcho (@mycoinecho) November 13, 2024
Today, both $DOGE and $Pnut are on the rise, with top $Pnut holders reporting substantial gains. One prominent trader recently made waves by selling 4.28 million $Pnut for 7,850 SOL, marking their first sale since establishing a position on November 3. This investor still holds a substantial 27.05 million $Pnut, and their single-coin income now tops $25.1 million.
Dogecoin On-Chain Activity Surge As Bullish Sentiment Grows
Despite a modest 5.09% dip over the last 24 hours, $DOGE’s on-chain indicators remain highly bullish, with an impressive 96% of its holders currently in profit. Last week, Dogecoin processed over six million transactions, its busiest period since February, signaling a possible resurgence in retail interest that could drive the memecoin momentum further.
Data over the past month underscores this trend, with 74,885 new wallets holding less than 100,000 $DOGE. However, larger “shark” and “whale” wallets have seen a net decrease of 350 during this same period, though 108 large wallets have re-entered in recent days, contributing to $DOGE’s surge above $0.40—the first time in over three and a half years.
This retail enthusiasm, combined with selective buying from key stakeholders, could signal the start of a sustained rally. The coming days will be critical as market participants gauge whether both retail and high-net-worth investors continue to back speculative assets like $DOGE, potentially driving the memecoin craze to new highs.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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