BlocksInform
The activity of whales in the Dogecoin network ($doge) just exploded, the highest level of transactions with whales since November 27, at a time when the number of active addresses on the network has reached its greatest two-day period since the beginning of November.
According to data from on-chain analytics from Santiment, there were 523 transactions on the Dogecoin blockchain above $100,000 at the end of January, while the number of daily active addresses on the network surged to 86,400.
?? #Dogecoin has broken out with major whale transactions today, easily the highest of the year, going along with address activity spiking. The polarizing coin has increased by 40 per cent since December 29, and has returned above $0.095 for the first time since December 10. https://t.co/NjeLyhFKe2 pic.twitter.com/AWEOtqD1ax
— Santiment (@santimentfeed) January 31, 2023
The great wave of whale activity came at a time when a well-known crypto-currency analyst as Smart Contractor on social media said that while the DOGE/USD trading pair looks like a “hot mess,” the DOGE/BTC pair “looks gearing up for a revenge pump of probably 100% or more.
The price of dogecoin notably recently jumped after a report suggested elon musk wants twitter to offer a payment service that would include cryptocurrencies. Musk is a well-known $DOGE supporter who recently put pressure on fast-food giant McDonald’s to accept it as a payment method.
Elon Musk’s original offer to McDonald’s came after a cryptocurrency market sell-off that had seen McDonald’s tease the cryptocurrency community with a tweet asking people who run crypto Twitter accounts how they are doing after the sell-off.
Reply to an official mcdonald tweet, that was dormant a few months ago, a user asked musk if his offer to eat a happy meal on television if the fast food channel accepts $doge as payment method was always standing, which was answered positively by the musk.
Earlier, another pseudonymous cryptocurrency analyst, Rekt Capital, suggested DOGE could see a breakout rally that would see it rise above its current levels after it underperformed other meme-inspired cryptocurrencies in the cryptocurrency space’s latest rise.
Rekt Capital shared in a tweet with more than 330,000 subscribers that DOGE was "now trying out the top of Wedge's downfall trying to defy for a breakout."
It should be noted that Smart Tractor is famous for, in September 2018, Predicting the bear market that saw Bitcoin's price drop by a then-high-time nearly $20,000 would end with the $3,200 coin trade. The prediction was almost exact, because btc reached the goal in December of this year.
