According to information from CoinMarketCap, Dogecoin’s (DOGE) price just reached a 10-week high (CMC). The well-known memecoin is currently selling at about $0.072, up 14% in the previous day.
Santiment, an on-chain market analytics and intelligence company, tweeted that DOGE surged immediately after Ethereum, the second-largest cryptocurrency (ETH).
Santiment draws attention to the growth in whale transactions as well as the surge in the trading volume of memecoin, which reached $1.4 billion in the previous day. Around 462 transactions with a value greater than $100,000 have been recorded by the on-chain analytics and intelligence platform.
🐶 #Dogecoin rose above $0.072 for the first time in 10 weeks on the tail end of #Ethereum's own breakout the past couple days. Both $DOGE whale transactions & trading volume spiked to August levels. Markets generally polarize when #memecoins decouple. https://t.co/9kf2EZz9va pic.twitter.com/nSIAfN7by9
— Santiment (@santimentfeed) October 26, 2022
According to a report, DOGE, the top memecoin by market cap, received bullish momentum when the total market capitalization of cryptocurrencies surpassed the $1 trillion threshold. Santiment notes that Dogecoin’s whale transactions and trading volume reached their greatest levels in two months.
“Markets generally polarize when #memecoins decouple.”
Expert claims that Dogecoin has been exhibiting signs of life for the past few days but advises investors to always exercise caution. Former U.S. congressional candidate and founder of Gokhshtein Media David Gokhshtein expects to make absurd moves for Dogecoin and the second-largest memecoin, Shiba Inu (SHIB).
