Dogecoin (DOGE), the world's largest meme token, continued its strong rise, gaining more than 25% last week. At this point DOGE has gained 134% so far since the beginning of 2024.
While wondering what the reasons are behind this rise in Dogecoin and whether the rise will continue, on-chain data provider Santiment stated that the strong momentum in Dogecoin is due to strong whale activity.
Stating that, according to the data, a significant amount of inactive whales reactivated DOGE assets and put them back into circulation, Santiment said that this activity brought an increase in DOGE.
Santiment also noted that this rise in DOGE price does not involve the usual fear of missing out (FOMO) that usually precedes market peaks, indicating that the rally in DOGE may continue.
“Dogecoin is up +10% intraday and +29% this week. This rise of the top meme token by market cap (#8 Cryptocurrency by market cap overall) was driven by large dormant whales that put DOGE back into circulation and normally form tops.” It's fueled by a lack of FOMO.”
DOGE continues to trade at $0.206 at the time of writing.
🐳 #Dogecoin is up another +10% today, and +29% this week. The top #memecoin by market cap (#8 market cap #crypto asset overall) is being powered by major dormant whales moving $DOGE back into circulation, and a lack of #FOMO that would normally form tops. https://t.co/KKxqe4SBCm pic.twitter.com/Mb8YF71iIq
— Santiment (@santimentfeed) March 31, 2024
*This is not investment advice.
