TLDR
- Dogecoin jumped 2% following Nvidia CEO Jensen Huang’s comments about wanting to join Elon Musk’s ventures
- Whale investors moved approximately $100 million in DOGE tokens over 24 hours
- Price currently trades at $0.253 after meeting resistance at $0.26 and pulling back
- Large wallet holders added 30 million tokens despite short-term selling pressure
- SEC faces October 17 deadline to decide on spot Dogecoin ETF application
Dogecoin experienced a 2% price increase within one hour on Wednesday after Nvidia CEO Jensen Huang expressed interest in Elon Musk’s business ventures. The memecoin currently trades at $0.253 following the recovery.
Huang discussed Nvidia’s recent $2 billion investment in Musk’s xAI during a CNBC “Squawk Box” appearance. The AI company is raising $20 billion due to strong investor interest.
The Nvidia CEO stated he wants involvement in nearly everything Musk does. He previously praised Musk as the country’s top builder in September.
These comments sparked speculation about potential Dogecoin connections. Musk has maintained close ties with the Dogecoin community for years.
Tesla accepts both Bitcoin and DOGE for merchandise purchases. Musk also plans to add DOGE integration to the X Money payments feature.
His previous attempt to boost Dogecoin involved naming a government department DOGE (Department of Government Efficiency) under the Trump administration. The token rallied over 300% before he departed the role.
Large Holder Activity Intensifies
Whale investors continue purchasing DOGE ahead of key events. Whale Alert recorded transactions totaling nearly $100 million in the past 24 hours.
A single transfer moved 400 million DOGE from Robinhood to an unidentified wallet. Blockchain data reveals large holders accumulated 30 million tokens worth around $8 million.
The network recently implemented the Cardinals Index Node upgrade. This enhancement improves transaction validation speed and data indexing capabilities.
CleanCore Solutions maintains a position exceeding 710 million DOGE valued at $188 million. This represents one of the largest known corporate holdings.
Market Performance and Trading Data
Dogecoin gained 4% over the past 24 hours. The token reached a 24-hour high of $0.255 and touched a low of $0.244.
Price surged from $0.25 to $0.26 on trading volume of 750 million, twice the daily average. Strong selling at $0.26 reversed gains and pushed the price back to $0.25.
Overall trading volume declined 16% in the last day. Traders showed caution ahead of FOMC Minutes and Federal Reserve Chair Jerome Powell’s upcoming speech.
Derivatives markets showed increased buying despite lower spot volume. DOGE futures open interest rose 4% to $880 million within four hours.
Late session trading saw a breakdown below $0.25 as liquidations hit. A 14.6 million surge at 02:01 confirmed distribution activity.
ETF Decision and Analyst Outlook
The SEC must decide on a spot Dogecoin ETF by October 17. Market watchers believe approval could drive prices toward $0.50 short-term.
Analyst Ali Martinez tracks the ETF timeline closely. Crypto Tony suggests the recent dip to $0.238 provides an entry point for the next rally.
Multiple analysts expect Dogecoin to break through $0.29 resistance. Analyst WIZZ projects a potential $1 target this cycle based on accumulation trends.
Technical resistance holds at $0.26 following multiple rejections. Support at $0.25 failed during late session liquidations.
A clean break above $0.26 could open movement toward $0.27-$0.30. Traders monitor whether DOGE reclaims $0.25 support and if whale buying continues offsetting resistance-level selling.
