Whale Activity Backs Dogecoin’s (DOGE) Surge Above $0.16: Data

Dogecoin has emerged as one of the top-performing assets amidst market recovery from significant volatility last weekend. Trading at $0.164, the eighth-largest crypto by market capitalization, has extended its monthly gains to nearly 96%.

Coinciding with this surge, the number of transactions by DOGE whales has hit a new milestone.

Dogecoin Whales Make a Splash

Amidst renewed market activity, Dogecoin’s whale activity appears to be soaring, with transactions exceeding $1 million, increasing by more than 600% in the past month alone.

According to IntoTheBlock’s latest analysis, this spike not only indicated unprecedented growth but also marked the highest number of Dogecoin millionaire transactions since the OG meme coin topped in May of 2021, essentially heightened engagement from large investors despite market fluctuations.

Dogecoin whales are active! The number of $DOGE transactions larger than $1 million increased by more than 600% in the last 30 days! pic.twitter.com/6yrgnta9Da

— IntoTheBlock (@intotheblock) March 21, 2024

While the broader market started on a relatively flat note on Friday, Dogecoin amassed almost 5% in gains over the past day. Several factors are at play.

For one, Coinbase Derivatives, the derivatives division of the American crypto exchange Coinbase, has revealed intentions to introduce cash-settled futures contract offerings for Dogecoin, in addition to Litecoin and Bitcoin Cash, by April 1.

“Coinbase Derivatives will launch the first leveraged and CFTC-regulated futures contracts for Bitcoin Cash, Dogecoin, and Litecoin in April!”

The timing of this announcement aligns with yet another revelation from X Payments LLC – the financial branch of X (formerly Twitter) – with reports indicating that it had secured additional licenses to facilitate payment functionalities on the social media platform spearheaded by Elon Musk.

Musk, who is also known for being a vocal proponent of Dogecoin, has hinted at potential integrations with its blockchain as early as 2022.

Dogecoin’s Surging Open Interest

Data from CoinGlass revealed that Dogecoin’s Open Interest (OI) was hovering above $1.30 billion as of March 22nd. Its OI hit a new peak of $1.4 billion earlier this month when the meme coin itself was trading well over 70% down from its ATH value witnessed during the previous bull run.

If the bullish momentum continues, Dogecoin could soon break into a fresh high.