A leading cryptanalysis firm discovers that the Dogecoin (DOGE) meme token experienced the most whale transactions to date this year on January 31.
Crypto Analytics Platform Data holyday shows that there were 523 DOGE transactions worth more than $100,000 each at the end of January, the highest since November 27.
Daily active address activities for the dog-themed asset also increased to 86,427, the highest two-day increase since November 2-3.
“Dogecoin has skyrocketed with top transactions whale today, easily the highest of the year, along with increased address activity. The polarizing coin is up +40% since Dec 29 and back above $0.095 for the first time since Dec 10.”
The surge in whale transactions comes as the price of Dogecoin’s main rival Shiba Inu (SHIB) explodes. Since trading for $0.000008 on January 1, the token is now worth $0.000012, marking a 50% increase.
Dogecoin is also rallying amid reports that Twitter owner Elon Musk is working to bring crypto payments to the social media platform. The staunch DOGE supporter also reiterates an offer he made a year ago that he’ll eat a Happy Meal on TV if McDonald’s starts accepting his favorite crypto asset as payment.
Dogecoin opened the year at $0.0701 and rose to a 2023 high of $0.0978 on Jan. 31, jumping 39.5%. The ninth largest crypto asset by market capitalization is trading at $0.0950 as of this writing.
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