Recently, many cryptocurrency purchasers have noticed Dogecoin (DOGE), a fact that it has taken advantage of. According to on-chain measures provided by cryptocurrency analytics company IntoTheBlock (ITB), Dogecoin’s overall whale accumulation increased significantly over the course of the past week (WTD).
According to ITB data, the volume of DOGE transactions increased significantly today, rising from a high of 1,300 transactions yesterday to a low of 770 transactions on July 16. The analytics platform defines the significant transactions as those with a valuation of more than $100,000.
IntoTheBlock’s Dogecoin large transaction graph
Dogecoin has a loyal community that accepts the possibility that token prices could rise above $1. The endurance of the cryptocurrency in the face of the surrounding turmoil observed over the last several weeks as the broader market shrank has inspired many of these ardent believers to embark on a buying binge.
Dogecoin’s price is at $0.07259 after growing by 1.36% in a single day over one of the least dangerous weekends so far this year. The massive increase in purchasing and selling volume, which has increased by more than 43% as of the writing of this article, is another factor that supports the large transaction measure.
Dogecoin continues to be associated with positivity.
Dogecoin has confirmed to be a comparatively optimistic outlier amongst its meme coin friends. As the primary and largest participant within the meme coin ecosystem, Dogecoin has maintained an extra spectacular development curve than its friends, regardless of the lesser probability that its market capitalization can reply to any type of value achieve that isn’t pure or pushed by real demand from patrons.
Since Bitcoin (BTC), the obvious trade leader, was ejected last week, Dogecoin’s continued inclusion in Tesla’s supply code has been a huge booster. Along with Elon Musk, other meme currency supporters have been working hard to highlight the coin’s potential across the board.