Dogecoin’s daily trading volumes surged by a staggering 50% to $3.17 billion as DOGE price clocks nearly 50% gains over the past week.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
2 mins read
Prominent crypto tracking service WhaleAlert recently reported the massive transfer of Dogecoins over the past 24 hours. Interestingly, these transfers involved the popular zero-fee trading app Robinhood. As per reports, anonymous whales were part of these massive transfers moving a staggering two billion DOGE while actively engaging with the investment app.
The Whale Alert data also shows that there have been several huge DOGE transactions taking place over the past day. Each of these transactions involved tens of millions of Dogecoins. In total, approximately 1.87 billion DOGE, equivalent to $196.9 million in fiat currency, has been transferred.
As it turns out, the anonymous crypto whales withdrew nearly 50% of the total Dogecoins moved, from Robinhood. On the other hand, a similar amount of DOGE was deposited to Robinhood after these withdrawals. This significant movement of DOGE highlights the active participation of large investors in the Dogecoin market, particularly through platforms like Robinhood.
Amid the bounceback in the broader cryptocurrency market, Dogecoin (DOGE) has also participated in the rally equally. In the last 24 hours, Dogecoin price has surged by 4.5% moving all the way to $0.18. Also, the daily trading volume for DOGE has surged by 51% shooting all the way to $3.28 billion.
Amid the latest price surge, Dogecoin (DOGE) has jumped to the 8th spot among the top-ten crypto list while leaving Cardano behind. The market capitalization of DOGE stands at $26.05 Billion, surpassing the $24,08 billion market capitalization of Cardano’s native coin, ADA. This isn’t a new occurrence for DOGE, as it previously exceeded ADA’s market cap earlier this March.
Over the last week, Dogecoin price has already registered a 44% rally spurted amid the development of Elon Musk’s X platform securing key state licenses for processing payments in the United States. As per the technical chart, Dogecoin is showing strength confirming a new macro uptrend and a 45% breakout ahead.
Fantastic retest of the Macro Downtrend precedes a +45% breakout rally to the upside
Not only has Dogecoin confirmed a new Macro Uptrend…
But Dogecoin is in the process of breaking out from a Bull Flag to confirm further trend continuation#DOGE #Crypto #Dogecoin https://t.co/42GAr8HP0W pic.twitter.com/L9PFximdMk
— Rekt Capital (@rektcapital) March 25, 2024
On the other hand, the Cardano development activity has also been on the decline dropping all the way to 77.69 after hitting a peak of 128 back in December 2023. Cardano needs to do more in terms of confidence-building measures within its community to bring ADA back to the top list.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
