Dogecoin retreated by $0.10 after rising more than 5% in 24 hours, but has risen about 10% this week, indicating improved performance for the token (cryptocurrency, memecoin). On-chain whale buying: Large investors have added 470 million Dogecoin in the past few days, indicating significant buying pressure that may have supported this rally (whale, on-chain). Increased network adoption: The number of active addresses increased by 176% month-over-month, jumping from 41,557 to 114,662, indicating increased on-chain participation.
On-chain data shows that in the past few days, Dogecoin whale have been snapping up Dogecoins, buying 470 million Dogecoins in one go.
Dogecoin's price has rebounded to above $0.10.
The cryptocurrency industry started the new week with a strong upward trend, and Dogecoin was no exception. This meme coin rose more than 5% in the past 24 hours, returning to the $0.10 level.
The chart below shows the recent performance of this asset.
As shown in the chart, Dogecoin also attempted to rise over the weekend, but the momentum quickly faded, and the price fell back to lower levels. The recent rally lasted longer than the last one, but how long it will continue remains to be seen. In terms of weekly returns, Dogecoin is yielding close to 10%, which is better than some of its peers but worse than others.
A new round of price surges has arrived as whale have been hoarding behind the scenes.
Dogecoin whales have been accumulating recently.
As analyst Ali Martinez pointed out in an article on the X forum, Dogecoin whale have recently increased their holdings. "Whale" refers to large cryptocurrency holders who hold significant amounts of Dogecoin, with substantial funds in their wallets, giving them considerable influence in the market.
The movements of this group can sometimes affect asset prices, but even if they don't, they are still worth watching because they contain information about the sentiment of major traders.
Here is a chart shared by Martinez showing the holdings trend of Dogecoin whale over the past few days:
As shown in the chart above, Dogecoin whale have been net buyers over the past few days. During this period, these large holders added a total of 470 million Dogecoins. Considering the timing of these purchases, Dogecoin's recent price rebound may be attributed to whale buying activities.
Whale buying isn't the only recent activity on the Dogecoin blockchain. As analysts pointed out in another X article, there's also been a surge in active addresses, a metric that tracks the number of addresses participating in blockchain transactions daily.
Martinez noted, "The number of active Dogecoin ($DOGE) addresses surged 176% in the past week, from 41,557 to 114,662." This increase typically indicates higher user engagement on the network.
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