Dogecoin (DOGE) whale activity surged recently to boost the DOGE price amid announcements about a new network update to the meme token.
Dogecoin opened the year at $0.0701 and rose to a high of $0.0978 last Jan. 31, representing a 39.5% increase.
At the time of writing, DOGE was trading at $0.09421 up 5.23%.
The surge in major investor interest in DOGE occurred just as the price of dogecoin’s main rival, Shiba Inu (SHIB), exploded.
Since January 1, SHIB rose from a low of $0.000008 to the $0.000012 it reached on February 31, representing a 50% increase.
DOGE whale movement increases
According to analyst firm Santiment, on January 31 whale transaction counts grew.
🐶 #Dogecoin has broken out with major whale transactions today, easily the highest of the year, going along with address activity spiking. The polarizing coin is up +40% since December 29th, and is back above $0.095 for the first time since December 10th. https://t.co/NjeLyhFKe2 pic.twitter.com/AWEOtqD1ax
— Santiment (@santimentfeed) January 31, 2023
In total, there were 523 dogecoin transactions worth more than $100,000 each at the end of January, the highest level since last November 27.
The price of dogecoin has soared with major whale transactions today, easily the highest of the year, along with increased address activity. The meme token is up +40% since Dec. 29 and back above $0.095 [at the end of January], for the first since Dec. 10,” Santiment wrote.
At the time of writing (18:07 UTC), there were more than 70 trades for more than $100,000. However, on February 1, there were about 300 whale trades, a record number.
In addition, the Doge Whale Alert account recorded more than 10 dogecoin whale moves in the last 24 hours each of at least $500,000.
20,000,000 $DOGE ($1,880,520 USD) was transferred from an unknown wallet to an unknown wallet.
Fee: 0.756 ($0.071 USD)
— Ðogecoin Whale Alert (@DogeWhaleAlert) February 1, 2023
There are more wallets with DOGE
Santiment also revealed that there was an increase in daily active addresses on the Dogecoin network.
According to the platform, the metric had seen an increase in the last 48 hours, standing at the same level it had been last November, when it peaked at 44,000 addresses.
So far, 91,000 active addresses have been recorded
But why is there so much interest in DOGE?
One of the main reasons may be related to the announcement that Twitter has already begun seeking regulatory licenses in the United States to create the software needed to implement payments on the social network.
According to what was known, Twitter would first use fiat currency and later integrate cryptocurrencies into its system.
Given that the company is owned by billionaire Elon Musk, a self-confessed DOGE investor, the community speculates that the meme token could be included in the social network’s payment system, which could have influenced the behavior of the whales.
Another reason could be related to the upcoming release of lib dogecoin 0.1.2.
Michi Lumin, a Dogecoin lead developer, made the announcement via his Twitter account and explained that lib dogecoin 0.1.2 would enable “mnemonic/seed phrase generation and easy-to-integrate QR code production, as well as improved MSVC/MSVS support.” The “RD end-user build sprint” is also scheduled to begin.
libdogecoin 0.1.2 soon with easy to integrate mnemonic/seedphrase generation and QR code production, also better MSVC/MSVS support.
RD enduser build sprint starting tomorrow.
Haven't been saying much on here lately because still lots of people who are angry as a pastime.
— Michi Lumin (@michilumin) February 1, 2023
In other words, LibDogecoin is a simple C library that enables direct and lightweight integration of dogecoin on different platforms without the need for deep blockchain knowledge.
This will enable the infrastructure for companies, solutions, and products to easily integrate with the Dogecoin network, which will help the adoption of the meme token.
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