- DOGE embarks on a 7% daily upswing to sustain a triple-digit monthly bull rally.
- Crypto whale pours $107M worth of DOGE into Robinhood, adding sell pressure.
- Dogecoin Foundation devs release Gigawallet v1.0 for seamless API integration.
Dogecoin (DOGE) continues its upward momentum with an additional 7% daily gain on Tuesday, boosting DOGE above $0.18. Unseen since March 5, 2024, this price movement raises the question of whether Dogecoin can break above $0.20 after the first unsuccessful attempt earlier this March.
Are Dogecoin Whales Taking Profits?
Collecting 42% gains in a week, Dogecoin surpassed Cardano (ADA) for the 9th spot by global market cap. Amid the bullish breakout for DOGE, some crypto whales took the opportunity to shuffle staggering amounts of the top-dog coin. For instance, a whale transferred 650 million Dogecoins in three batches, with 220M, 200M, and 230M simultaneously transferred to Robinhood.
While the final destination of these crypto funds is yet to be determined, it’s clear that the $107 million worth of tokens are poured into circulation. The crypto whale corresponds with the overall market sentiment in Spot, as the combined liquidity book shows a staggering $299 million in pending DOGE sells.
DOGE Bull Ride: Adoption or Hype?
Dogecoin championed the memecoin sector across different social media platforms, according to the latest social blockchain stats by LunarCrush. Garnering 21 million interactions last Saturday, DOGE settled for $0.169 on the daily close that day, with the bullish momentum expanding to the following week.
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Despite being the second largest Proof of Work (PoW) blockchain, DOGE has often been criticized for social hype-dependent bull runs rather than developer work on the chain. However, the tables have turned since Dogecoin Foundation introduced GigaWallet v1.0, a convenient way for online shops, crypto exchanges, and miscellaneous retailers to transact on Dogecoin’s blockchain.
In addition, the Japanese guard dog-embossed canine coin Dogecoin is mulled for integration into the XPayments Peer 2 Peer (P2P) payment system. While the launch date of this X feature is still vague, the XPayments account has garnered 133.3K followers already. While DOGE hasn’t been mentioned on the official account, the news resulted in a 1,095% surge in new registered DOGE wallets.
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At press time, Dogecoin has a market capitalization of $26.51 billion and is exchanging hands at $0.1831, according to crypto price aggregator CoinGecko. DOGE’s upward trajectory continued for the past month, with 112% gains in 30 days. However, DOGE remains 74.8% behind its all-time high of $0.73, set on May 8, 2021.
On the Flipside
- The pending sells on Spot for DOGE outweigh the bids by $210 million, according to blockchain research platform CoinPaprika.
- Another important factor for Dogecoin’s recent surge is the ultra-high price correlation with the record-breaking largest digital asset, Bitcoin (BTC).
Why This Matters
Dogecoin is the leading asset among memecoins, hosting one of the largest crypto communities.
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