The Dogecoin (DOGE) ecosystem has been making quite some noise because of its increased large transactions. Data from Santiment revealed that the OG meme coin hit a 4 month high in terms of whale transactions. The total number of whale transactions jumped to the 1,203 mark. In addition, Dogecoin’s trading volume increased by more than 33% to $3.57 billion. This further suggests that investor interest is rising and that a rally may be imminent.
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Is Dogecoin’s High Network Activity Reflecting on the Price?
Elaborating on the rising activity in the DOGE market, Santiment said,
“On-chain activity indicates that whales may not be done with all the bullish momentum of crypto’s top meme coin. Though they took profit just before the top, their activity remains very high on DOGE’s network.”
At press time, DOGE was trading at $0.1399 following a slight setback in terms of price. Over the past 24 hours, Dogecoin has dipped by nearly 2%. But it should be noted that throughout the last week, DOGE has surged by over 20%.
DOGE’s price could surge due to a number of things. But the meme coin could witness a major spike if a Dogecoin exchange-traded fund (ETF) makes a debut in the market.
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Dogecoin Price Prediction
Expectations for a Dogecoin price spike have increased due to the potential inclusion of Dogecoin in Grayscale’s report. The overall market witnessed a boost following Grayscale’s recognition of DOGE as a potential addition to its future investment portfolio, which already includes Bitcoin and other significant cryptocurrencies. The currency may be driven toward a $5 mark by a DOGE ETF. The network further said,
The year 2033 will be determined by the maximum DOGE price of $4.35. However, its rate might drop to around $3.69. So, the expected average trading price is $3.79.
According to data from Changelly, Dogecoin will reportedly reach the $5 mark sometime between 2033 and 2040.
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