Whale activity supports Dogecoin (DOGE) growth above $0.16: data

Dogecoin has emerged as one of the top performing assets amid a market recovery from significant volatility over the past weekend. Trading at $0.164, the eighth-largest crypto by market capitalization extended its monthly gain to nearly 96%.

Coinciding with this surge, the number of transactions carried out by DOGE whalers has reached a new milestone.

Dogecoin whales make a splash

Dogecoin whale activity appears to be growing amid renewed market activity, with transactions exceeding $1 million, up more than 600% in the past month alone.

According to IntoTheBlock's latest analysis, this increase not only represents unprecedented growth, but also marks the highest number of Dogecoin millionaire transactions since the OG meme coin's rise in May 2021.

Dogecoin whales are active! Over $1 million in $DOGE transactions in the last 30 days, up over 600%! pic.twitter.com/6yrgnta9Da

— Into TheBlock (@intotheblock) March 21, 2024

While the broader market started on a relatively flat note on Friday, Dogecoin gained nearly 5 percent over the past day. Several factors are at play.

For one, Coinbase Derivatives, the derivatives division of American crypto exchange Coinbase, has expressed interest in introducing cash-settled futures contract offerings for Dogecoin, in addition to Litecoin and Bitcoin Cash, on April 1.

“Coinbase Derivatives Launches First CFTC-Regulated Futures Contracts for Bitcoin Cash, Dogecoin and Litecoin in April!”

The timing of this announcement coincides with reports that X Payments LLC – the financial arm of X (formerly Twitter) – has acquired additional licenses to facilitate payment functions on the Elon Musk-led social media platform.

Musk, who is known to be a supporter of Dogecoin, has hinted that it might merge with the blockchain as early as 2022.

The increase in demand for Dogecoin

According to data from CoinGlass, Dogecoin's open interest (OI) was hovering above $1.30 billion as of March 22. Meme coin itself is down more than 70% from its ATH value seen during the last bull run, while OI net reached a record high of $1.4 billion earlier this month.

If the bullish momentum continues, Dogecoin may soon enter new highs.