Dogecoin, the leading meme coin, saw a sharp 30% rise in value, stirring excitement among crypto enthusiasts for a resurgence. Concurrently, Whale Alert reported the movement of 761.2 million DOGE, coinciding with Dogecoin’s trading at levels above $0.1.
Massive Whale Activity Observed
The derivative data for Dogecoin suggests a positive market sentiment, likely contributing to the cryptocurrency‘s price spike. Details from Whale Alert show that on February 29th, several large transactions involving 761.2 million DOGE took place.
For instance, an anonymous entity transferred 66 million DOGE valued at $7.19 million to Binance, one of the top crypto exchanges. Additionally, an immense sum of 500 million DOGE, estimated at $53 million, was sent to the Robinhood exchange platform. This flurry of activity, including transfers to and from exchanges, elicited mixed reactions among Dogecoin investors and analysts.
Dogecoin’s Ascending Market Position
Following the surge, Dogecoin advanced in the global market cap ranking by CoinMarketCap, moving from 10th to 9th position. This leap followed Dogecoin’s significant price movement outpacing the broader market.
Currently, Dogecoin’s price has jumped by 31%, breaking above $0.13, with trading volumes skyrocketing by 259% within a day. This surge in activity has boosted Dogecoin’s market capitalization by 32% to over $18.7 billion, allowing it to surpass AVAX. In related developments, Ferrari’s decision to accept Dogecoin for vehicle purchases is believed to have positively influenced its market performance.
