Because of the recent rally in Dogecoin price, Whales became active to grab some opportunities from this recent hike in Dogecoin price.
Dogecoin is a first-ranked meme coin, which has prior support from the world’s richest person Elon Musk, who is CEO of Tesla and SpaceX like many other leading companies of this world. However, Dogecoin’s origin was nothing but Dogecoin grabbed that level of popularity where many flagship crypto assets are lagging. At current 24 hours trade volume, Dogecoin situated at 11th rank.
According to the data available on the IntoTheBlock platform, the bulk transactions in Dogecoin surged by around double over the last 24 hours, by whales.
Reports noted that bulk transactions, worth more than $100,000 surged, since the start of the week. Infact, the actual increment in the trade Volume created confidence among the crypto users to transfer funds from one exchange to another exchange easily with the use of Dogecoin at low fees.
In particular, 479 Dogecoin transactions were facilitated by whales. A transaction in the last week took place with 269 million DOGE, which was equal to $39 million. In the last 7 days, the Dogecoin network facilitated around $1.87 billion worth of funds in its network.
Price rally and reasons
The current trade price of Dogecoin is $0.159, which is 5%+ high over the last 24 hours. While the same price is 31% high over the last 30 days’ trade price.
The main reason behind this rally in the Dogecoin market is nothing. Dogecoin supporter Elon Musk recently purchased 9.2% stake in Twitter.
However, few people are claiming that there are chances that Elon may introduce some kind of Dogecoin supportive feature in the Twitter platform but here it will be too early to predict or expect because here all these things are only rumours.