Dogecoin (DOGE) price has recently gained momentum as investors have been accumulating large amounts of the meme token. According to data released by IntoTheBlock in the last 30 days, the number of DOGE transactions valued over $1 million has increased by nearly 600%. With the increase in whale transactions, DOGE prices have risen over 15%.
DOGE Exchange Reserves
According to the IntoTheBlock report, current active Dogecoin whales in the market are gearing up for action. In the past 30 days, there has been more than a 600% increase in the number of DOGE transactions exceeding $1 million in value. This surge coincided with a time when exchange prices also increased by over 15%. At the time of writing, DOGE has increased by 14% to a price of $0.1532.
Cryptocurrency price increases have also led to a 20% increase in trading volume compared to the same time the previous day, reaching $2.9 billion. Additionally, the popular cryptocurrency exchange Coinbase recently announced plans to list Dogecoin (DOGE) and other cryptocurrency futures on its exchange, pending approval from the CFTC. Particularly among XRP enthusiasts, there are discussions about the exchange’s choice to prioritize listing Dogecoin futures.
Dogecoin Price Rise Scenarios
Dogecoin’s acceptance in the market could be one of the contributing factors to the cryptocurrency’s price increase. According to data, many businesses have adopted Dogecoin as a payment method due to its low transaction fees and ongoing support from Twitter CEO and billionaire Elon Musk.
Experts believe that markets are cyclical, so Dogecoin may experience another bull market. This situation seems to have started earlier than expected in 2024 and could last until 2025. Dogecoin’s current price is $0.1539. As of now, the 24-hour trading volume of cryptocurrencies is $2.9 billion. DOGE has seen an increase of 14.49% in the last 24 hours, trading between $0.1571 and $0.1471. Dogecoin’s (DOGE) current market value is $20.9 billion.
