Dogecoin Whales Drive Transactions to New Heights
Dogecoin has experienced a significant surge in price, making it one of the top-performing assets in the market. With a current price of $0.164, Dogecoin has seen a 96% increase in its monthly gains. Alongside this price surge, the number of transactions conducted by DOGE whales has reached a new milestone.
Unprecedented Growth in Whale Activity
During the recent market activity, Dogecoin’s whale activity has seen a sharp increase, with transactions exceeding $1 million. In the past month alone, these transactions have increased by over 600%. This surge not only indicates unprecedented growth but also marks the highest number of Dogecoin millionaire transactions since May 2021. Despite market fluctuations, large investors are actively engaging with Dogecoin.
Source: IntoTheBlock Twitter
Factors Contributing to Dogecoin’s Rise
While the broader market started off relatively flat on Friday, Dogecoin saw a gain of almost 5% in just one day. Several factors are contributing to this rise:
- Coinbase Derivatives plans to introduce cash-settled futures contract offerings for Dogecoin, Litecoin, and Bitcoin Cash by April 1.
- X Payments LLC, the financial branch of X (formerly Twitter), has secured additional licenses to enable payment functionalities on their platform. This aligns with Elon Musk’s interest in integrating Dogecoin’s blockchain.
Dogecoin’s Open Interest Reaches New Highs
Data from CoinGlass shows that Dogecoin’s Open Interest (OI) is currently over $1.30 billion as of March 22nd. Earlier this month, the OI reached a peak of $1.4 billion when the meme coin was trading significantly lower than its all-time high value.
If the bullish momentum continues, Dogecoin has the potential to reach a new high.
Hot Take: Dogecoin Continues to Ride the Wave 🚀
Dogecoin’s recent surge in price and whale activity indicates strong momentum for the cryptocurrency. With the support of large investors and upcoming developments such as Coinbase Derivatives’ futures contracts and potential integrations with X Payments LLC, Dogecoin is positioned for further growth.
Investors should keep a close eye on Dogecoin’s performance as it continues to defy market expectations.
Sources:
IntoTheBlock Twitter,
CoinGlass,
CryptoPotato
By
By
