Can DOGE Price Rise Further?
TL;DR
- dogecoin‘s price has increased by over 35% in a week, surpassing major cryptocurrencies in transaction volume.
- The increase coincides with a significant DOGE transfer initiated by a mysterious whale.
DOGE Price, Source: CoinGecko
Additionally, DOGE has surpassed many of its rivals on different fronts. For example, the transaction volume of the largest memecoin in the last 24 hours exceeded 3.6 billion dollars. solana (SOL), ripple (XRP) and Binance Coin (BNB) follow with $3.5 billion, $1.8 billion and $1.7 billion, respectively.
Dogecoin’s resurgence coincides with increased activity from major investors. Whale Alert reveals the case of a mysterious person (or entity) transferred More than 1 billion DOGE (more than 180 million worth at current exchange rates) were transferred to an unknown wallet.
Commenting on the post, many X users shared their optimism that this move could herald a significant price increase. While some wondered who this mysterious whale could be, some suggestions pointed to Elon Musk.
Tesla’s CEO is an outspoken advocate of meme money and a HODLer. Hello earlier this month implied He said the EV giant may accept DOGE as a payment method “at some point.” He also promised to continue supporting the asset and added “Dogecoin to the Moon.”
Some analysts have recently outlined optimistic price predictions for the token. DonAlt was among the biggest bulls. to continue “Dogecoin is unlikely to reach $1” given how it trades against Bitcoin.
DOGE is not the only meme coin that has been performing quite well lately. Shiba Inu (SHIB) is up 20% for the week, while Solana-based dogwifhat (WIF) is up 42% in the same period.
For those who want to learn more about the different meme coins, their characteristics and the risks involved, feel free to check out our exclusive video below:
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