Nvidia CEO Jensen Huang on Wednesday said he wants to be a part of almost everything Elon Musk is involved in. As a result, Dogecoin price recovered some losses and rebounded 2% in an hour.
Will this finally trigger a rally towards $1 amid bullish price predictions by analysts?
Nvidia CEO Jensen Huang Wants to Follow Elon Musk
Nvidia CEO Jensen Huang appeared on CNBC’s “Squawk Box” to discuss details of the company’s latest $2 billion investment in Elon Musk’s xAI.
Notably, artificial intelligence firm xAI aims to raise $20 billion, upsized after massive demand from investors.
Huang said he wants,
“…to be part of almost everything Elon Musk is involved in.”
In September, Nvidia CEO remarked Elon Musk “the most world-class builder we have in the country.”
He also discussed details of the company’s recent partnership with OpenAI, his thoughts on OpenAI’s deal with AMD, current status of the AI technology race, and Nvidia’s growth outlook.
Dogecoin price jumped 2% after Nvidia CEO’s comment on following Elon Musk in everything he does. This happens on speculation of his association with the Dogecoin community, similar to Musk.
Elon Musk is involved deeply in the Dogecoin community, endorsing and preferring Bitcoin and DOGE on the Tesla website for buying merchandise. Also, he aims to integrate DOGE into the upcoming payments feature X Money.
Musk tried to make Dogecoin price jump by naming a government as DOGE (Department of Government Efficiency) in the Trump administration. The price rallied by over 300% before he quit the department due to political pressure.
DOGE Whales Buys Big
Whales continue to accumulate DOGE amid ETF launch anticipation, bullish price predictions by analysts, and the latest upgrade. Notably, the Dogecoin network launched the Cardinals Index Node to improve transaction validation and data indexing speeds.
Whale Alert highlighted multiple transactions worth almost $100 million in total in the last 24 hours. This followed a massive 400 million DOGE moved from Robinhood to an unknown wallet.
Crypto analysts such as Ali Martinez and Crypto Tony joined other analysts in predicting a bullish forecast for DOGE.
Crypto Tony claimed the dip to $0.238 is a perfect zone for the next pump, with Dogecoin price expected to break $0.29 resistance amid massive demand from whales and corporate treasuries.
Moreover, October 17 is the final deadline for the US SEC to approve a spot Dogecoin ETF. Approval could even trigger a run to $0.50 in the short term, Ali Martinez added.
Analyst WIZZ claimed Dogecoin price could rally to $1 in this cycle as CleanCore Solutions holds over 710 million DOGE worth $188 million.
Dogecoin Price Action Amid Buying in Derivatives Markets
Dogecoin price has recovered 4% in the past 24 hours, with the price currently trading at $0.253. The 24-hour low and high were $0.244 and $0.255, respectively.
However, the trading volume has decreased by almost 16% over the last 24 hours. This signals cautious trading among traders due to the FOMC Minutes today and Fed Chair Jerome Powell’s speech on Thursday.
CoinGlass data showed massive buying in the derivatives market in the last 4 hours. At the time of writing, the total DOGE futures open interest jumped 4% to $880 million.
It recovered from a 2% drop in DOGE futures in the last 24 hours. This signals demand among derivatives traders.