Dogecoin Is Up 4% Today: Here's What's Moving the Meme Token
Key Points
Dogecoin has seen strong buying pressure from the likes of large and influential investors.
Some of this buying activity appears to be tied to broader risk-on conditions in the overall market.
However, there are other token-driven dynamics at play driving a fundamental bull case for this meme token today.
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As of 11:15 a.m. ET, meme coin investors are cheering a significant move in Dogecoin (CRYPTO: DOGE), with the dog-inspired token surging 4.2% over the past 24 hours. This move is notable, given the market cap-weighted cryptocurrency index has moved "only" 1.6% higher on the day, with Dogecoin contributing significantly to this overall move.
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With other top cryptos, most notably Bitcoin (CRYPTO: BTC), surging to all-time highs in recent days, there's certainly a risk-on backdrop for tokens such as DOGE to continue to run from here. And while some bulls continue to aim for the key $0.30 level, the fact that DOGE is still trading just under $0.27 apiece provides plenty of drama for those betting on price movements one way or the other.
What's driving today's price action in Dogecoin?
What's interesting looking at some of the supporting fundamentals (using that term lightly here) for Dogecoin, is that today's price action in the dog-inspired crypto aligns pretty closely to what we're seeing in terms of total value locked (TVL) growth for this token. Over the past 24 hours, Dogecoin has seen its TVL (the amount of crypto locked within its ecosystem) expand by 3.6%, according to Defillama. This, in combination with relatively stable liquidation and future flows data, suggests that there's simply more buying than selling activity right now for Dogecoin.
And when larger investors, commonly known as whales, start picking up their pace of buying (for any token, for that matter), investors take notice. Various reports citing larger-than-typical purchases from these so-called whales of approximately 30 million tokens over the past day or so suggests that the momentum we're seeing in other pockets of the crypto market could bleed over into Dogecoin in short order.
And when Dogecoin runs, many investors know what that can mean in terms of the kinds of short-term returns that have historically materialized.
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Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.
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