A leading crypto analytics firm finds that meme token Dogecoin (DOGE) experienced the highest number of whale transactions to date this year on January 31st.
Data from crypto analytics platform Santiment shows that there were 523 DOGE transactions worth over $100,000 each at the end of January, the highest since November 27th.
The dog-themed asset’s daily active address activities also jumped to 86,427, the highest two-day increase since November 2nd and 3rd.
“Dogecoin has broken out with major whale transactions today, easily the highest of the year, going along with address activity spiking. The polarizing coin is up +40% since December 29th, and is back above $0.095 for the first time since December 10th.”
The surge in whale transactions comes as the price of Dogecoin’s main rival, Shiba Inu (SHIB), explodes. From trading for $0.000008 on January 1st, the token is now worth $0.000012, marking an increase of 50%.
Dogecoin also rallies amid reports that Twitter owner Elon Musk is working to bring crypto payments to the social media platform. The staunch advocate of DOGE is also reiterating an offer he made a year ago that he will eat a Happy Meal on television if McDonald’s starts accepting his favorite crypto asset as payment.
Dogecoin opened the year at $0.0701 and climbed to a 2023 high of $0.0978 on January 31st, jumping by 39.5%. The ninth-largest crypto asset by market cap is trading for $0.0950 at time of writing.
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