Dogecoin (DOGE) has recovered from its extended drop over the previous week, with transaction volume exceeding $1 billion, thanks mostly to the actions of huge investors known as “whales.”
Whale activity fuels DOGE surge
According to IntoTheBlock, the number of major transactions, defined as those worth more than $100,000, has increased significantly. In the last 24 hours, there have been 1,112 such transactions, showing a surge in activity among important actors in the DOGE ecosystem.
This pattern has accelerated during the last seven days, with major transactions peaking at 1,380 and falling to 959. Notably, the volume connected with these massive transactions is also astonishing. The volume of transactions over the last day has reached 12.63 billion DOGE, which is comparable to around $1.09 billion.
During the seven-day peak, this volume increased even further, hitting 16.2 billion DOGE (about $1.4 billion). Despite the seven-day low, volume remained considerable at 8.8 billion DOGE (about $759 million).
The significance of these massive transactions cannot be overstated, as they not only add to DOGE’s overall trading volume but also serve as indications of market mood and investor confidence. When whales make large trades, it frequently indicates their confidence in the digital asset’s prospects.
Dogecoin’s market performance and influences
At press time, DOGE was trading at $0.08627, up 3.05% in the previous 24 hours, with a market value of $12 billion. Dogecoin’s recent ascent closely mirrors the astonishing rise of Bitcoin, the world’s largest cryptocurrency.
Bitcoin’s 7% growth in the last week has been ascribed to increasing acceptance by spot Bitcoin Exchange Traded Fund (ETF) manufacturers, such as iShares by BlackRock (IBIT) and Fidelity’s Bitcoin ETF (FBTC), which jointly own significant quantities of BTC.
Looking ahead to 2024, the Dogecoin Foundation has outlined an ambitious strategy for increasing Dogecoin adoption and development. One major goal is to extend GigaWallet’s shopping cart connectivity to systems like Shopify, making it easier for online retailers to accept Dogecoin as payment.
