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Cryptocurrency world’s undisputed meme coin leader Dogecoin experienced a massive 30% price increase on February 29, creating a sense of a potential return to its former glory in the crypto world. Meanwhile, data provided by Whale Alert revealed that 761.2 million DOGE were moved, with DOGE trading above the $0.1 level during these events.
Whale Transactions in DOGE
In the meantime, derivative data for DOGE indicated a bullish trend in the market, aligning with the rise in DOGE’s price and fostering confidence among traders and investors, which seems to encourage further gains for Dogecoin.
According to some details disclosed by Whale Alert, different transactions totaling 761.2 million DOGE occurred on February 29.
To give some examples of the transactions, 66 million DOGE worth $7.19 million were sent from an unknown wallet to the leading cryptocurrency exchange Binance.
In a second transfer, 500 million DOGE valued at $53 million were moved from unknown wallets to the Robinhood exchange. Following this, a series of transactions took place, exceeding a total of 761 million DOGE.
Some of these transactions involved deposits to exchanges while others were withdrawals, leading to mixed emotions among investors upon analysis.
On the other hand, following Dogecoin’s price rally, it climbed one spot from 10th to 9th on CoinMarketCap’s global market cap ranking, a move that came after DOGE’s above-market price movements.
What is Dogecoin’s Current Price?
As of writing, DOGE’s price has seen an exceptional 31% increase over the last 24 hours, climbing above $0.13. The meme coin’s trading volume also surged by 259% in just a 24-hour period, indicating a growing interest among DOGE investors and followers in the cryptocurrency.
Additionally, DOGE’s market cap has risen by 32%, surpassing $18.7 billion, and DOGE has overtaken AVAX to secure the 9th position.
Recent news from Ferrari is also thought to have impacted DOGE. Announcements indicated that Ferrari would accept DOGE from customers wishing to purchase vehicles.
