The prices of Dogecoin have rallied recently with people amassing large quantities of the memecoin. According to data released by IntoTheBlock in the past 30 days, the quantity of DOGE transactions valued at more than $1 million has surged by almost 600%. With the rise in whale transactions, the DOGE prices have ascended over 15%.

Dogecoin Sees Increased Whale Transactions

According to the IntoTheBlock report, there are active dogecoin whales in the market at present. Within the previous 30 days, there has been a more than 600% rise in the quantity of DOGE transactions valued at over $1 million. The surge comes at a time when prices for the currency have also risen over 15%. At press time, DOGE was trading over 14% up at $0.1532. The price surge also led to an increase in trading volume, which stood at $2.9 billion, up 20% as compared to the same time the last day. 

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DOGE Gains Market Acceptance

CoinGape previously reported that recently, Coinbase submitted an application to the CFTC to list Dogecoin (DOGE) and other cryptocurrency futures on its marketplace. Notably, there has been debate surrounding the cryptocurrency exchange’s choice to give Dogecoin futures listing priority, especially among XRP aficionados.

The market acceptance of dogecoins could be one contributing factor for the crypto currency’s price rise. According to Forbes, a lot of businesses have adopted Dogecoin as a payment method because of its reduced transaction fees and ongoing favoring from Twitter’s CEO and billionaire, Elon Musk. Because markets are cyclical, Dogecoin may eventually see another bull market breakout. This appears to have begun earlier in 2024 than anticipated and could last until 2025. In the years that followed, the bull market would then really get going. Unless something calamitous occurs and modifies the technical structure of the chart.

Dogecoin Prices Today

Dogecoin’s current price is $0.1539. As of right now, the 24-hour trading volume of cryptocurrencies is $2.9 billion. DOGE is currently trading between $0.1571 and $0.1471, with a 14.49% surge in the last 24 hours. The current market capitalization of Dogecoin (DOGE) is $20.9 billion.

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The post Dogecoin Price Rallies As DOGE Whale Transactions Surge 600% in a Month appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am