Dogecoin Price Gains 22% as Donald Trump’s “Eating Dogs” Comment Goes Viral

Dogecoin Price Analysis:

Dogecoin price surged above $0.11 on Friday, Sept 13, up 22.13% for the week, as crypto traders aped in on media frenzy surrounding Donald Trump’s recent viral comments.

Dogecoin Price Surges on Trump Comments

The world’s largest pet-themed memecoin, DOGE, secured over 22% gains in the  the past week. Recent market events suggests that the Dogecoin price rally was have been closely linked to Donald Trump’s recent viral comments during the CNN Presidential debate against Kamala Harris on September 11.

On Wednesday, September 11, Republican Candidate Donald Trump made a remark, accusing illegal immigrants of “eating dogs, cats, and all the pets (sic).” The comment quickly became a viral joke across social media platforms.

Several high-profile figures, including Taylor Swift and Elon Musk, also joined in on the viral moment.

As pet-themed jokes spread across social media channels, crypto traders capitalized on the viral moment to ape in on DOGE. The chart above shows how raced to 22% gains as it rose to a weekly-time frame peak of $0.11 on Sept 13.

While DOGE price has now retraced towards the $0.10 area at the time of writing on Saturday Sept 13, other market indicators suggests that the bullish momentum is still in play.

Whale Transactions Surged 60% after Trump Comments

Since the media frenzy surrounding Trump’s recent began on Sept 11, the 22% price surge has also coincided with a spike in whale investors’ trading activity on the Dogecoin blockchain network.

IntoTheBlock’s Whale Transactions Count chart below monitors whale investors’ trading activity by tracking daily number of single-transactions that exceed $100,000 in nominal value.

Dogecoin recorded a total of 571 large transactions on Sept 10.  But since, Trump’s comments triggered a wave of pet-themed jokes across social media channels, the number of whale transactions have been on a steady rise.

The latest data, at the time of publication shows that Dogecoin pulled 1,070 transactions on Sept 13, reflecting an 87% surge in whale trading activity within 48-hours of Trump’s comments.

Typically, an increase in whale transactions is often interpreted as a bullish signal as it indicates growing interest from large investors, which can lead to price stability and upward momentum.

The increased liquidity from the rising whale transactions also reduces volatility, making it easier for the asset to sustain higher price levels during a rally.

Hence, the 87% surge in whale transactions puts Dogecoin price in a prime position, for an accelerate breakout, especially if markets react positively to a potential rate cut verdict from the US Fed in the week ahead.

DOGE Price Forecast: Bulls Must Hold $0.10 Support

After an initial 22% weekly timeframe rally, Dogecoin price retraced 3% within the daily timeframe on Sept 14, consolidating above the $0.105 level. However, on-chain data trends show an 87% increase in large-sized DOGE transactions over the last 3-days.

Considering, the increased market liquidity from the 87% spike in whale transactions, Dogecoin price is likely to avoid a major breakdown below the $0.10 psychological support level, in the days ahead.

Technical indicators on the DOGEUSD daily chart also affirm this this optimistic outlook. The Donchian Channels (DC) and the Balance of Power (BBP).

The Donchian Channels shows Dogecoin is trading near the upper band at $0.11, which aligns with a key resistance level. A break above this resistance could propel DOGE to test $0.15.

The BBP indicator reflects market momentum, and it currently shows a slight positive value (0.00896), suggesting that bullish momentum is building.

This positive sentiment reinforces the probability of Dogecoin holding above the $0.10 support level. The recent surge in whale transactions adds weight to this bullish bias.

Key support rests firmly at $0.10. If this level fails, DOGE could retrace to $0.09, where additional support lies. On the upside, $0.11 serves as immediate resistance. A daily close above this could trigger a rally toward $0.12 and potentially higher.

In summary, Dogecoin’s current technical setup suggests that bulls are positioned to defend $0.10 support while aiming for a price breakout above $0.12.