This Metric Jumps by Almost 100% Amid DOGE Price Rally

TL;DR

Dogecoin’s price surged past $0.20, with market cap nearing $30 billion, driven by increased trading volume and active addresses.
The rally coincides with speculative whale movements and endorsements from public figures like Elon Musk.

Dogecoin (DOGE) – often cited as the first meme coin – currently stands out as one of the market’s best performers.

Its price has spiked by over 30% on a weekly scale, surpassing the $0.20 mark for the first time since December 2021. DOGE’s market capitalization inches toward the $30 billion level, making it the ninth biggest cryptocurrency.

Key indicators related to the asset’s ecosystem have taken off, too. According to IntoTheBlock, aggregated daily volume (where each transaction is larger than $100K) has jumped by nearly 100%. Daily active addresses are also on the rise, registering a 13% increase.

DOGE trading volume for the past 24 hours has been impressive. CoinGecko’s data shows that the figure has climbed to $5.5 billion, thus surpassing Solana’s SOL ($4.1 billion) and Ripple’s XRP ($1.9 billion).

Dogecoin’s latest rally coincides with a slight resurgence of the cryptocurrency market and increased activity from whales. As CryptoPotato reported, a mysterious person (or entity) recently transferred more than 1 billion DOGE (worth over $200 million at current rates) to an unknown wallet. 

The move triggered speculation within the crypto community, with many members trying to guess who this whale might be. Some suggestions even pointed out to Tesla’s CEO Elon Musk, an outspoken proponent of the memecoin and a HODLer.

Not long ago, the world’s richest man said the EV giant may accept DOGE as a payment method “at some point.” Musk also promised to continue supporting the token, adding “Dogecoin to the moon.”