Dogecoin Price Spikes By 13%; Here’s Why

As the global cryptocurrency recorded green indexes, the top meme tokens registered most of the gains. Dogecoin (DOGE) and Shiba Inu (SHIB) emerged as one the biggest gainers. The data suggest that this surge is backed by some whale transactions.

Whale transactions on a surge?

According to the Santiment, most of the altcoins recorded a major rebound in their market caps in July. It mentioned that there is a huge rise registered in the $100K valued whale transactions. The tracker added that DOGE is one of those tokens which is seeing these large transactions on the networks.

MyDoge wallet reported that more than 80K Dogecoin transactions have been recorded over the past 24 hours. Earlier, the DOGE founder highlighted that a huge spike in the number of transactions hit around 70,000 number. This was reported as a surge of 59.49% over the past week.

However, Dogecoin Whale Alert highlighted that Robinhood might have moved around 3.2 billion DOGE (worth approx $218 million) to its cold storage.

Dogecoin 24 hr trading vol up by 62%

Dogecoin price has jumped by over 13% in the last 24 hours. It is trading at an average of $0.0745, at the press time. However, DOGE’s 24 hour trading volume has spiked by more than 62% to stand at $904 million. DOGE prices have surged by over 22% in the last 30 days. Its total market cap now stands at $9.89 billion.

Meanwhile, the whale tracker mentioned that DOGE has landed on the list of the most used smart contract among the top 1000 BSC whales over the past 24 hours. However, the biggest 100 whales are holding just $10.6 million worth of Dogecoin with them.

Binance, the biggest crypto exchange announced that they have launched an exclusive promotion for new users to Binance Savings. People who have never used any savings product will get 2X APY with BTC, ETH, or DOGE on flexible savings during the promotion period.