- Crypto whales drive Dogecoin (DOGE) transaction volume surpassing $1 billion, indicating confidence and optimism.
- The Dogecoin Foundation plans to expand DOGE usability in online merchants through GigaWallet and Shopify by 2024.
Dogecoin (DOGE) has just hit the table. Have you heard about the recent jolt in DOGE transaction volume? Yes, folks, we’re talking about activity that has crossed the $1 billion threshold.
Behind this impressive volume are the big players in the market, popularly known as “whales”, who have decided to bet big on Dogecoin.
Last week, DOGE experienced a spike in value, something we haven’t seen for some time. This spike was fueled primarily by an increase in the volume of large transactions, those in excess of $100,000.
According to IntoTheBlock data, in the last 24 hours, 1,112 transactions of this caliber were recorded. But what does this mean for you and me? Well, this wave of activity suggests that the whales see something in DOGE that we may not yet.
Can you imagine mobilizing 12.63 billion DOGE in a single day?
That’s roughly $1.09 billion. Even at the low point of the week, the volume was far from negligible at 8.8 billion DOGE, or what amounts to about $759 million. These numbers are not only impressive, but also a thermometer of market sentiment and investor confidence in Dogecoin.
But what has prompted this sudden euphoria around DOGE? It’s no secret that Bitcoin’s performance affects the rest of the cryptocurrency market, and this time around, the 7% increase in Bitcoin’s value in the last week has played in Dogecoin’s favor.
This increase is attributed to the adoption by Bitcoin exchange-traded funds (ETFs), such as those proposed by BlackRock’s iShares and Fidelity’s Bitcoin ETF, which together account for a significant amount of BTC.
Looking to the future, the Dogecoin Foundation is not sleeping, with an ambitious strategy for 2024, they seek to expand the usability of Dogecoin. One of their goals is to improve the connectivity of the GigaWallet shopping cart with platforms such as Shopify.
This could make it much easier for online merchants to accept DOGE as a form of payment, opening a new chapter for this often underappreciated cryptocurrency.
So, are we looking at a mere flash in the pan, or is this the start of a golden era for Dogecoin? The whales have made their move, showing strong conviction in DOGE’s future. But as always in the cryptocurrency market, time will tell if this wave of optimism translates into lasting change .
