Whale Activity On The Dogecoin Network Is Recording High-Value Transactions Of Over $100k.
Recent analytical reports indicate a sharp increase in whale activity on the DOGE network.
The crypto market has been doing well of late, and Dogecoin is one of the few Altcoins that have gotten a boost in the process. According to a recent report by Santiment, the DOGE network seems to be attracting a lot of attention from crypto whales.
“Whale activity on altcoin networks is quickly picking up steam this week. By counting the amount of $100k+ valued transactions happening daily, we can see that DOGE, has increased their large transaction frequencies.”
Transaction Frequencies Have Switched Up
The report indicates that whales have been moving around huge amounts of Dogecoins on the network, with a good number of the transactions posting more than $100,000 worth of DOGE. This is a good indication that the network is coming of age and possibly preparing to challenge some of the bigger chains in the market.
As recently reported by The Crypto Basic, the number of Dogecoin addresses active daily has also increased by a huge margin of around 265%. That number is expected to continue increasing both in the short and long term.
Based on various reports and how the DOGE network has been performing of late as compared to other coins, the meme coin may very well be set for a bright future. For instance, the coin has received lots of support from people like Elon Musk, who has been making efforts to set up a team to advance the network. A short while back, Elon opined that Dogecoin is now capable of handling more transactions than the Bitcoin network. That could be a huge plus on the part of the meme coin going up against the pioneer and biggest crypto in the market (Bitcoin).
In another instance, billionaire investor Mark Cuban intimated that Doge is more useful than Cardano’s ADA. However, he noted that the Dogecoin network has some work to do before it can develop and transform into a platform supporting numerous huge applications.
At this time, DOGE is trading at around $0.086 and recording a 10% increase in 24 hours.
User Caution Required:
As reported by The Crypto Basic, the recently launched “Dogechain” On Ethereum Network has nothing to do with Dogecoin.
Claims in paid media that Dogecoin launched a "Dogechain" test network are false. Neither @Dogecoin/@dogecoin_devs, nor @BillyM2k, @ummjackson or others associated with @DogecoinFdn are in any way affiliated with the token.
— ⬢ Jens Wiechers ⬡ ?? (he/they) (@jwiechers) August 16, 2022
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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