Dogecoin Price Rallies As DOGE Whale Transactions Surge 600% in a Month
Highlights
- According to the IntoTheBlock report, there are active dogecoin whales in the market at present.
- Coinbase submitted an application to the CFTC to list Dogecoin (DOGE) and other cryptocurrency futures.
- Dogecoin's current price is $0.1539 at present.
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.
Read Also: Bitcoin Traders Buying Calls for $76K Amid $2.6B in BTC and ETH Options Expiry
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.
Read Also: Solana Meme Coin Slerf Offers NFT To Presale Investors After $10M Mishap
- Senators Reaffirm Commitment to Market Structure Bill After Meeting with Coinbase, Ripple
- How the Crypto Market Could React to the Next Fed Meeting on October 29?
- $1.68 Trillion T. Rowe Price Files for First Active Crypto ETF Holding BTC, ETH, SOL, and XRP
- Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions
- Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
