Dogecoin is being fueled by large sleeping whales as price rises

Meme cryptocurrency Dogecoin (DOGE) is being fueled by large sleeping whales as its price continues to rise over the past week, according to a recent analysis shared by on-chain platform, Santiment.

The analysis, published on March 31, noted that the memecoin Dogecoin managed to show an increase of more than 10% yesterday, reaching a value of 29% in the week. According to the platform, DOGE is being fueled both by large holders who were dormant, and by the lack of FOMO (fear of missing out/missing out).

“The top memecoin by market cap (#8 market cap crypto asset overall) is being fueled by large sleeping whales moving $DOGE back into circulation and the lack of FOMO that would normally form tops.”

🐳 #Dogecoin is up another +10% today, and +29% this week. The top #memecoin by market cap (#8 market cap #crypto asset overall) is being powered by major dormant whales moving $DOGE back into circulation, and a lack of #FOMO that would normally form tops. https://t.co/KKxqe4SBCm pic.twitter.com/Mb8YF71iIq

— Santiment (@santimentfeed) March 31, 2024

However, DOGE showed a drop in its value, as well as returning to being the ninth largest asset by market capitalization, being surpassed by USDC. Dogecoin’s market capitalization is $29,758,970,337.

At the time of publication, the price of Dogecoin was quoted at US$0.2057, down 0.4% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$3,415,146,263. In the last seven days, DOGE has increased its price by 20.8%.

It is worth remembering that, recently, the price of the biggest meme cryptocurrency on the market, Dogecoin (DOGE) skyrocketed, reaching a new milestone by rising almost 20% in just 24 hours. During the recent rally, the Dogecoin token managed to reclaim the $0.20 price level for the first time since December 2021.

In its monthly development, Dogecoin has shown quite significant growth by increasing its value by an impressive 44.6% in the last 30 days.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.