Dogecoin To Moon In February? DOGE Whale Activity Sees 2-Month High
The Dogecoin (Doge) network has recorded 523 whale transactions, each over $100k, in the past 24 hours. This is the highest number of whale transactions since November 27, 2022, according to on-chain intelligence firm Santiment. This increase in on-chain activity has corresponded with a significant boost in daily traded volume, which stands at approximately $1,285,356,146.
Tokenview’s on-chain data shows that Dogecoin has global support from 5,158,533 holders who have made 93,113,591 transactions since its creation. Santiment reported that the Dogecoin network recorded around 86.4k active addresses, the highest 2-day stretch since November 2 and 3rd of last year.
The recent spike in on-chain activity has resulted in a 10% increase in the price of Dogecoin in the past seven days. Analysts expect further upside breakouts as more money flows from large caps like Bitcoin and Ethereum to small-cap altcoins and meme coins.
“Dogecoin has broken out with major whale transactions today, easily the highest of the year, going along with address activity spiking. The polarizing coin is up +40% since December 29th, and is back above $0.095 for the first time since December 10th,” Santiment noted.
Dogecoin Market Outlook
Elon Musk, the tech billionaire, has been a strong supporter of the meme lord, Dogecoin, and has promised to continue supporting its mission. With Musk’s recent Twitter acquisition, the Dogecoin community hopes that he will add Dogecoin as a form of payment, which would increase its liquidity and real-world utility.
Despite a recent decline of approximately 10.81% in development activities on the Dogecoin network in the past 30 days, according to Santiment, derivatives trading continues to grow, with around $4.47 million liquidated in the past 24 hours.