Whale activity on the Dogecoin ($DOGE) network has lately skyrocketed, with whale transactions reaching their greatest level since November 27, coinciding with the network’s longest two-day stretch since early November.
According to Santiment statistics, there were 523 transactions on the Dogecoin blockchain worth more than $100,000 at the end of January, while the number of daily active addresses on the network increased to 86,400.
The significant whale activity rise came at a time in which a renowned cryptocurrency analyst known as Smart Contractor on social media indicated that although the DOGE/USD trading pair looked like a “hot mess,” the DOGE/BTC pair “seems to gear up for a vengeance pump of perhaps 100% or more.
Dogecoin’s price has lately risen significantly following reports that Elon Musk wants Twitter to create a cryptocurrency-based payment option. Musk is a well-known proponent of $DOGE, and he recently pressed fast-food behemoth McDonald’s to adopt it as a payment mechanism.
Elon Musk’s initial offer to McDonald’s came during a cryptocurrency market sell-off, which saw McDonald’s tease the cryptocurrency community with a tweet asking those who manage crypto Twitter accounts how they were doing following the sell-off.
In response to a tweet from McDonald’s official account, which had been dormant for a few months, a user asked Musk if his promise to eat a Happy Meal on TV if the fast-food restaurant accepted $DOGE as a payment mechanism was still valid, to which Musk replied favorably.
Earlier, Rekt Capital, a pseudonymous cryptocurrency analyst, claimed DOGE might have a breakout rally that would take it above its current levels despite underperforming other meme-inspired cryptocurrencies in the cryptocurrency space’s recent gain.
DOGE was “currently probing the top of the Falling Wedge trying to challenge for a breakthrough,” Rekt Capital tweeted to their over 330,000 followers.
It’s worth recalling that Smart Contractor made headlines in June 2018 when it predicted that the bear market that saw the price of bitcoin tumble from an all-time high of around $20,000 would conclude with the currency selling at $3,200. The forecast was virtually correct, as BTC reached the objective in December of that year.