KEY POINTS
- Whales are accumulating DOGE
- Its trading volume also surges
- DOGE was trading down 5.79 percent at $0.07281
Dogecoin, Elon Musk's favorite cryptocurrency, saw a massive surge in large transactions alongside nearly a 10 percent spike in its price, making it one of the top gainers in the cryptocurrency world at the start of the week.
The dog-themed meme coin now sits on the 10th spot in the list of largest crypto assets with a market capitalization of $10.2 billion. Over the weekend, 943 large DOGE transactions, or those worth above $100,000, were recorded.
This is a massive jump from the 505 whale transactions previously recorded, based on the data of the on-chain metrics IntoTheBlock. The image below shows that DOGE saw a 118 percent increase in large transactions over the last 24 hours.
Dogecoin Photo: Creative Commons/Forextime.com/flickr.com
Large transaction increases are usually connected to the surge of activities of whales, either from selling or buying. Apart from that, data showed that DOGE saw a sharp rise in its trading volume across various cryptocurrency exchange platforms.
List of cryptocurrencies and their performance Photo: screenshot from IntoTheBlock app
Dogecoin's trading volume was around $1.1 billion on Monday, which is 148 percent more than the recorded figures of the previous day. WhaleStats reported that DOGE is now "one of the MOST USED smart contracts among top 2000 #BSC whales in the last 24hrs" and is one of the "most purchased tokens among 100 biggest whales."
Tesla CEO Musk is a staunch supporter of Dogecoin and has shown support for the dog-themed meme by making it an alternative payment to some Tesla merchandise. He has also said that DOGE will soon be accepted as payment to Starlink.
Amid the bloody crypto crash, Musk reiterated his support for Dogecoin. During the Qatar Economic Forum in Doha, the tech billionaire, in an interview, revealed his reason for supporting the dog-themed meme coin. "Many people who are not that wealthy have encouraged me to buy and support Dogecoin. I'm responding to those people."
Despite impressive accomplishments, DOGE is trading down 90.1 percent from its all-time high price of $0.7376 in May 2021. As of 5:04 a.m. ET on Tuesday, the latest data from CoinMarketCap revealed that DOGE was trading down 5.79 percent at $0.07281.
