Dogecoin Whale Transactions Rise, DOGE Price Reaches Highest Level Over The Last 6 Months

Dogecoin crypto assets. (Photo; Doc. Pexels)

JAKARTA - The price of Dogecoin (DOGE), a crypto asset inspired by the dog meme, has soared today to reach its highest level since May 2023. This increase was driven by massive transactions carried out by crypto whales, namely the big holder Dogecoin who moved their assets among crypto wallets.

WhaleAlert, a large crypto transaction monitoring platform, reported that there were 693,123,289 DOGE that were moved from anonymous wallets to other anonymous wallets about 1 day ago. The transaction value reached $50,271,845 (Rp778.6 billion) at the time.

On-chain data from IntoTheBlock shows that Dogecoin's large transaction volume has increased over the past 7 days, reaching $1.87 billion. This shows that there is a high market activity for cryptocurrencies originating from this joke.

Dogecoin managed to reach the level of $0.082 (Rp1,270) as the 6-month high. However, this coin experienced little correction and was traded at $0.079596 (Rp1,233) at the time this article was written. According to on-chain data, 59% of Dogecoin holders are currently making a profit at this price.

Dogecoin also has the support of its high historical correlations with Bitcoin (BTC), the largest crypto asset to experience a recent price hike. The correlation between Dogecoin and Bitcoin is 0.95, meaning that they tend to move in the same direction.

Dogecoin supporters on social media platform X.com reacted positively to the Dogecoin price increase. One of them is Coach Doge, who said: "This looks promising!". Another trader, Hermann from Germany, hopes Dogecoin can penetrate 0.10 US dollars (Rp 1,549) if the bullish trend continues.

In addition to optimistic views of meme coin traders, Dogecoin will also make history by becoming the first cryptocurrency to land on the Moon. This will happen in December 2023, when the Astrobotic technology company will bring Dogecoin physically to the Moon's surface using a Peregrine lander.

This physical Dogecoin is a gift from Astrobotic to the Dogecoin community, which has supported their lunar mission since 2015. However, at the time of writing, DOGE prices rose 2.2 percent in the last 24 hours. DOGE prices touched IDR 1,249 according to Coinecko data.