DOGE Whales Shake up the Tempo With a 600% Increase in Major Transactions

Dogecoin has found itself back in the spotlight as whales have recently increased their activity and demonstrated an incredible spike in massive transactions. Cryptocurrency analyst and pundit Ali Martinez, on his X handle, revealed that Dogecoin whales have been very active in the market, buying a little over 25 million DOGE between Tuesday and Thursday.

Data shows that the whales traded $3.75 million at the current market pricing. This has led to conversations regarding possible ramifications for Dogecoin’s price trajectory and market dynamics.

IntoTheBlock, on Thursday, posted on it’s X handle that the number of DOGE transacted within the last 30 days has pushed up to over $1 million, representing over 600% increase. This is the biggest number of DOGE the whales have transacted since the coin gained its ground in May 2021.

Dogecoin Adds 800,000 More Wallets, Gathers More User Adoption 

The increase in mega transactions indicates that institutional players and major investors have a renewed interest in and engagement with Dogecoin. Dogecoin has also attracted notice for reaching an impressive user adoption milestone.

Prominent cryptocurrency analyst Mitchell emphasized Dogecoin’s accomplishment of adding more than 800,000 additional wallets in the first quarter of 2024. DOGE coin has displayed major resistance in the last 3 days, as it has rebounded from its previous $0.13 to perform three straight bullish movements.

On Friday, March 22, it had a resistance very close to its annual high of about  $0.1445. Exceeding this margin is seen as a catalyst for a $0.20 price threshold, which is also the most important decision-making stage for traders. 

Payments LLC Announces Integration of Dogecoin on X, Musk Supports

On the other hand, Payments LLC has taken to its X handle to announce that it has secured an extra license to secure payment functions on X, a move the company said was led by Elon Musk himself. Musk had earlier hinted at the integration of Dogecoin on X back in 2022. This development was also attributed to the whales renewed hope in the coin.

CoinGlass, in its latest analysis, said that Open Interest (OI) by DOGE was revolving around $1.30 billion as of March 22. The Open Interest had attained an all-time high of $1.4 billion this month; same time, the coin was trading more than 70% below its initial bull run. DOGE replicated a similar movement in 2017 when it attained a 5,700% price increase, pushing it from  $0.0003 to $0.01758.

It repeated a similar movement in 2019 and later broke out in 2021 when it soured by not more than 24,000% to attain an all-time high of  $0.7316. IntoTheBlock analysis has suggested that DOGE has a firm correction at 0.97 alongside the BTC. This explains that the public sentiment surrounding major coins also has a strong hold on the price performance.

DOGE Gains By 1.04% Amid Growing Acceptance, Coinbase Derivatives Speaks 

Another analyst, with the official X handle “Yomi,” stated that DOGE is closely responding to a macro movement and is expecting a major upward trend next week. Yomi said he’s expecting some 40% derivation. As of press time, the weekly report looks like it is applicable to the former cycles. He also added that the coin might go higher should everything turn out well this week.

Recent data from CoinMarketCap today has it that Dogecoin trades at $0.1509, a 1.04% increase, with a market capitalization of $21,665,172,292. It has a cumulative trading volume of $2,850,240,698, which is a 6.40% drop. Meanwhile, the announcement by Coinbase Derivatives has displayed the latest interest in DOGE.

The company disclosed its intentions to venture into Dogecoin, Bitcoin Cash, and Litecoin futures, set for launch on April 1. The news has generated a lot of fuss among traders and investors alike and has triggered a new price movement, a development that was likened to a new acceptance trend.