Dogecoin, the meme coin with the largest market cap, experienced a notable increase in on-chain activity on the last day of January. Data on the subject was shared by crypto analytics firm Sanitment Feed.
According to Santiment, the popular meme coin recorded the highest value of the year in terms of whale activity and the highest in the last two months. The crypto analytics platform observed the same pattern in terms of address activity. Datareveals that whales have processed 523 DOGE transactions worth over $100,000, the highest value since November 27. In addition, during the period in question, the network had 86.4 thousand active addresses.
🐶 #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. https://t.co/NjeLyhFKe2 pic.twitter.com/AWEOtqD1ax
— Santiment (@santimentfeed) January 31, 2023
NEWS CONTINUES BELOW
The most likely reason for this development may be the rumors that Elon Musk is trying to add payment systems to Twitter to increase his income. Unsurprisingly, this news has also fueled speculation that Musk will incorporate the meme coin into the system. The famous billionaire implied this in his statements in the past.
As a result, after these developments, DOGE rose as much as 10% in the past day. In the tweet he shared today, Santiment also drew attention to the fact that DOGE exceeded $ 0.095 for the first time since December 10.
The popular meme coin has lost some of its gains yesterday and is trading at $0.09245 at press time.
You can follow the current price action here.
Source : the crypto basic