![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://i.headtopics.com/images/2023/2/1/cryptoamb/dogecoin-doge-to-rise-beyond-40-whale-activity-may-dogecoin-doge-to-rise-beyond-40-whale-activity-may-1620853237329821699.webp)
Dogecoin recently saw an increase in whale transactions. The dog-themed token has also recently seen a spike in its daily active addresses. Whale activity has increased for Dogecoin [DOGE], which is also the ninth-largest cryptocurrency by market capitalization, according to CoinMarketCap. Whales’ action boosted the token price and impacted some other indicators as well. Read […]
Addresses involved in the whales’ transactions exchanged more than $100,000 worth of DOGE tokens. As of this writing, there were over 70 trades for more than $100,000. However, the previous day saw about 300 whale transactions – a record-high number.
The fact that whales moved this much for the first time in over a month—aside from one day in December—made these trades noteworthy.Possible reasons for increased whale activityare any indication, there may be a rationale behind these massive exchanges. Reportedly, Twitter has already started seeking regulatory licenses across the United States and creating the software needed to implement payments across the social media network.
It was mentioned in the report that fiat would be used first and that cryptocurrency integration would come later. The positive outlook of theDaily Active Address spikes as price see a slight drop The Daily Active Address was another indicator that brought attention to the Dogecoin network. According to statistics provided by Santiment, the metric had seen an increase in the preceding 48 hours, bringing it up to the same level as it had been in November, which was its previous high point.
As of this writing, the figure had surpassed 44,000, with more than 91,000 active addresses recorded the day before.
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