- Dogecoin has yielded 40% gains for holders since December 29, and the meme coin is back above $0.095 for the first time since December 10.
- Dogecoin whales engaged in high activity with transactions greater than $100,000 hitting a peak on January 31.
- DOGE holders are bullish on the meme coin’s adoption in crypto payments as Elon Musk plans to bring payment capabilities to Twitter.
Dogecoin, the largest meme coin in the crypto ecosystem, has yielded nearly 40% gains since December 29. The token has witnessed a massive spike in whale transactions, hitting the highest volume of the year alongside address activity.
Also read: US SEC accepts LBC token is not a security, renews hope of Ripple’s win in XRP community
Dogecoin whales increase volume of their transactions
Dogecoin, one of the largest meme coins in the crypto ecosystem, yielded massive gains for holders since December 29. DOGE price climbed 40% and made a comeback above the $0.095 level since December 10.
Based on data from crypto intelligence tracker Santiment, large volume transactions worth $100,000 or more crossed 523. There are 86,400 active addresses on the DOGE network, marking the busiest time of the year for the meme coin.
Dogecoin sees spike in whale activity and large volume transactions
Typically, large wallet investors scoop up the meme coin during the dip in its price and a spike in activity by whales is indicative of profit-taking by DOGE traders. As seen in the chart above, the increase in large volume transactions and whale address activity is followed by a retracement in DOGE price.
It is likely that DOGE price could witness a pullback in the first week of February. After climbing past the $0.095 level for the first time in 2023, DOGE is likely to undergo a correction in its price as whales shed their holdings and take profits.
Elon Musk’s Twitter plans act as bullish catalyst
DOGE holders are bullish on Elon Musk’s plans to boost the capabilities of social media platform Twitter and add payment features to the app. As Musk applies for a license to turn Twitter into a payment app, the Dogecoin community remains hopeful of DOGE’s addition as a payment option on the social media platform. Recent developments have therefore acted as a catalyst and fueled a bullish narrative among DOGE holders.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.