Dogecoin is back on the radar of large investors as data shows a surge in whale activity.
The total market value of cryptocurrencies has surged in the final quarter of the year, reviving interest in popular projects. Dogecoin has been one of the biggest beneficiaries, with investors keen to get exposure to one of the biggest winners in the most recent bull market.
Unsurprisingly, Dogecoin (DOGE) has surged 20% since October, climbing from $0.062 to $0.073 at the time of writing. At the same time, the increase has coincided with an increase in whale activity, according to data from IntoTheBlock.
The metric reveals that the number of DOGE transactions exceeding $100,000 has steadily risen since mid-October. At the time, the number of DOGE transfers within that range struggled to surpass the 1,000 mark.
However, recent weeks have seen that figure consistently stay above 1,000 transactions daily. Similarly, there have been up to 1,500 transactions DOGE transfers since the past month, exceeding the $100,000 value.
Are Whales and Institutions Interested in DOGE?
Transactions above the $100,000 threshold are often considered whale activity, with the average crypto investor only putting in between a few hundred to a thousand dollars. Hence, Dogecoin’s latest improved metric suggests that whales have renewed interest in the project.
At the same time, the recent uptick in institutional interest means it cannot be completely ruled out that institutions may be sizing up exposure to the popular memecoin. In the past, Dogecoin has been touted by billionaires such as Elon Musk and Mark Cuban as having a role in global crypto payments.
Meanwhile, Dogecoin maintains a market cap of around $11 billion and ranks as the ninth largest crypto asset by market capitalization.
DOGE’s current market value is still around 89% off its all-time high of $0.7376. Yet its longevity (launched in 2013) and broad public appeal make DOGE an interesting prospect, especially among investors with a high-risk appetite.