The world’s largest meme token Dogecoin (DOGE), continued its strong rise, increasing by more than 25% last week. At this point DOGE has gained 134% so far since the beginning of 2024.
While wondering what the reasons are behind this rise in Dogecoin and whether the rise will continue, the on-chain data provider Santiment stated that the strong momentum in Dogecoin is due to strong whale activity.
Stating that, according to the data, a significant amount of inactive whales reactivated DOGE assets and put them back into circulation, Santiment said that this activity brought an increase in DOGE.
Santiment also noted that this rise in DOGE price is due to the customary fear of missing out (fear of missing out) that often precedes market tops.FOMO) and stated that this situation shows that the rally in DOGE may continue.
“Dogecoin is up +10% intraday and +29% this week. This rise of the top meme token by market cap (the #8 Cryptocurrency by market cap overall) is supported by large dormant whales bringing DOGE back into circulation and the lack of FOMO that normally creates peaks.”
DOGE continues to trade at $0.206 at the time of writing.
🐳 #dogecoin is up another +10% today, and +29% this week. the ball #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
*This is not investment advice.
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