The doggy-themed meme coin ended January on a high in terms of price and on-chain activity.
On the last day of January, Dogecoin witnessed a spike in on-chain activity. This is according to crypto analytics firm Sanitment Feed.
Santiment Feed made this known in a tweet today. According to Santiment, the doggy-themed meme coin recorded its highest number of whale transactions for the year and the highest in two months. The crypto analytics platform also observed the same pattern in terms of address activity.
Details reveal that whales carried out 523 DOGE transactions valued above $100k, the highest since November 27. In addition, the network also boasted 86.4k active addresses. According to Santiment, it is the highest two-day streak for daily active addresses since November 2 and 3.
? #Dogecoin has broken out with major whale transactions today, easily the highest of the year, going along with address activity spiking. The polarizing coin is up +40% since December 29th, and is back above $0.095 for the first time since December 10th. https://t.co/NjeLyhFKe2 pic.twitter.com/AWEOtqD1ax
— Santiment (@santimentfeed) January 31, 2023
Notably, Santiment does not specify a reason for this surge. However, it is worth noting that yesterday, the Financial Times reported that Elon Musk was working towards adding payment systems to Twitter to boost its revenue.Â
Per the report, Twitter was already applying for licenses as it developed the necessary software for implementation.
Unsurprisingly, owing to Musk’s romance with Dogecoin, the report stoked speculation that Musk will incorporate the meme coin into the system. Notably, the billionaire has hinted at this in the past. In addition, he has included DOGE payments at his other companies, especially for merchandise. Recall that Tesla’s Cyberwhistle merchandise was purchasable only with DOGE last September and sold out in a few hours.
Consequently, following the latest report, DOGE surged as much as 10% on the day. Santiment pointed out in its tweet today that DOGE surpassed the $0.095 price point for the first time since December 10.
At press time, the meme coin is trading at the $0.09245 price point, having lost some of yesterday’s gains. After creating a higher high yesterday, bulls will hope it finds support and continues its push upwards as it is currently testing the higher low formed on the 4-hour trading chart.
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