Interest in the popular doggy token continues to rise.
A tweet from Santiment Feed on Tuesday reveals that Dogecoin has seen a spike in large whale transactions as the crypto market rallies.
“With many altcoins enjoying a solid rebound to their market caps in July, we can see the amount of $100k+ valued whale transactions are beginning to rise. DOGE, MATIC, & UNI are noticeably seeing rises in these large transactions on their networks,” Santiment tweeted, highlighting the trend.
🐳 With many #altcoins enjoying a solid rebound to their market caps in July, we can see the amount of $100k+ valued whale transactions are beginning to rise. $DOGE, $MATIC, & $UNI are noticeably seeing rises in these large transactions on their networks. https://t.co/XYEQPr6mWG pic.twitter.com/JR97zQuqXa
— Santiment (@santimentfeed) July 19, 2022
It is worth noting that the popular meme coin has seen increased interest from whales in recent days. As reported by The Crypto Basic on Monday, the token is among the top 10 coins sought after by the biggest whales on the Binance chain.
Notably, Dogecoin has also seen a spike in transactions this week. As reported by The Crypto Basic on Monday, the doge network had processed over 75,000 transactions in 24 hours, the highest since May 2021. Meanwhile, MyDoge Wallet reported in a tweet today that the number of transactions in the last 24 hours had surpassed the 80,000 mark.
— MyDoge Wallet (@MyDogeOfficial) July 20, 2022
It is worth noting that despite the breakdown of the deal between Elon Musk and Twitter which raised hopes for the integration of Dogecoin for payments on the platform, there has still been a lot of positive news for the network in recent times.
Notably, efforts from the MyDoge Wallet team to introduce memes into the Dogecoin metaverse have garnered positive attention for the crypto. Additionally, it is worth noting that the Dogecoin development team is not resting on its oars as Dogecoin v1.14.6 is slated to go live soon. The upgrade promises to bring improved network security and efficiency.
At the time of writing, data from intotheblock reveals that 55% of Dogecoin holders are currently in profit. The data also shows that 65% are long-term and large holders. The doggy meme coin is trading at the $0.0738 price point, up 11% in the last 24 hours and 19.73% in the last seven days.