Dogecoin’s acceptance on the cryptocurrency market has increased in recent months, and its value has reached new heights.
At the time of writing, DOGE is trading at $$0.0843, down nearly 12% in the last seven days. Though losing some aggressiveness in the last week, the meme coin has been able to maintain a 5% increase in the last 30 days, data from Coingecko shows, Sunday.
Within the last 72 hours, well over $34 million worth of Doge has been moved to different unknown addresses, according to monitoring by whale tracker DogeWhaleAlert.
Dogecoin Whale Transfers A Total Of 1.2 Billion Coins
Now, this figure has just ballooned, as Whale Alert has detected three massive transfers of Dogecoin (DOGE) worth a total of 1.2 billion coins.
These latest transfers – whose source and destination are unknown and which were executed without any glitches – further support the conviction that cryptocurrencies are the future of finance.
According to the foremost tracker of major cryptocurrency transactions, the transfers – each worth 400 million DOGE – have got the crypto world enthusiastic as they total about $100 million.
However, what has totally surprised the cryptocurrency community is the transaction charge. The transfers were completed for a modest $0.16 in DOGE – a cost that no traditional bank could ever exceed.
Transfers Completed Within Minutes
Transaction fees have been a major worry for users in the crypto market for a very long time. Since January 2021, the average Dogecoin transaction cost has been somewhat more than $0.44, relative to Ethereum.
Ethereum tops the transaction fees department. According to on-chain data, a typical transaction on Ethereum costs more than $1.6, but the same transaction on other protocols can be as high as $9.
Dogecoin and the broader cryptocurrency market began 2023 on a positive note, with the dog-themed coin’s price exhibiting a rising trend. However, Dogecoin has experienced a steep decline during the past week, undoing its earlier advances.
Two whale addresses have received a total of 11,238,539 DOGE ($922,055) and 5,000,000 DOGE ($410,285) since Friday, when more huge transaction transfers were detected on the network.
Bullish Near-Term Forecast For DOGE
The increase in DOGE transfers from top whale accounts may imply a bullish near-term prognosis for the popular meme coin.
Market observers hypothesize that larger interests are driving the massive crypto movement. Traders with long positions in the market may be aiming to increase their holdings.
DOGE total market cap at $11 billion on the weekend chart | Chart: TradingView.com
In the meantime, the broader crypto market awaits an external positive signal from Tesla CEO Elon Musk.
Elon Musk. Image: Mashable
Twitter has proceeded with its ambitions to merge fiat and cryptocurrency payments into the microblogging application, and Dogecoin supporters are hopeful that the meme coin will be chosen as a cryptocurrency alternative.
-Featured image from The Album
