Dogecoin whale activity reaches 3-month high
According to bitru According to the analysts, if the $0.09027 barrier and eventually the psychological level of $0.1 are removed, the price of Dogecoin is likely to reach the next $0.14.
Dogecoin rose another 16% on Tuesday, adding to the significant gains made over the weekend. The coin has trimmed its 24-hour gains and is now down 4.20% at $0.081 at press time. However, DOGE remains up 14.60% weekly, according to data from CoinMarketCap.
many connected incorrectly launch Regarding the “Dogechain” testnet release on August 16th with the increase in the price of Dogecoin. The Dogecoin community has come out to state that the aforementioned “Dogechain” test network was never launched by the original Dogecoin network.
The said “Dogechain” project claims to bring utilities such as NFTs and DeFi to Dogecoin, which it says is made possible by putting “wrapped DOGE coins on the smart contract bridge.”
The Dogecoin community has raised several red flags related to the project, while maintaining that the “Dogechain” project is not related in any way to Dogecoin or any of its developers.
Per Santiment data, whale activity may have partly helped Dogecoin’s recent run-up.
Dogecoin whale activity hits three-month high
on-chain analytics firm sentiment notes that whale activity on Dogecoin has hit a three-month high: “Whale activity on the altcoin network is quickly picking up steam this week.”
It noted that “by counting the amount of $100k+ valued transactions happening daily, Dogecoin has increased its large transaction frequency.”
According to crypto analyst Alex Kruger, “You can always count on dogs to set a trader’s animal spirits on fire.” The analyst also said about the dog run, “The bull run in the dog coin marked the end of two bull runs in 2021. However, dig in and you will see that this dog run has just started and is news driven. DOGE Run especially I think.”
In the words of Dogecoin creator Billy Markus, or Shibetoshi Nakamoto, ”Dogecoin is, at heart, just a shared database and network to add verifiable transactions to that database to move around virtual coins with the doge meme as a mascot.”
He continued “The rest is about how people decide to use and value it. Crypto is simple. People are complicated.”
