The Dogecoin (DOGE) ecosystem has been making quite a bit of noise due to the increase in large-scale transactions. OG Memecoin hit a four-month high in whale trading value, according to Santiment data. The total number of whale transactions jumped to 1,203. Additionally, Dogecoin trading volume increased by over 33% to $3.57 billion. This further suggests that investor interest is growing and a rally may be imminent.
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Is Dogecoin’s high network activity reflected in its price?
Elaborating on the increased activity in the DOGE market, Mr. Santiment said:
“On-chain activity indicates that the whales may not have finished as bullish as crypto’s top meme coins. They booked profits just before the all-time high, but DOGE Activity on the network remains very high.
At the time of writing, DOGE was trading at $0.1399 following a slight pullback in price. Over the past 24 hours, Dogecoin has fallen nearly 2%. However, what is notable is that DOGE has soared over 20% over the last week.
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The price of DOGE can skyrocket for a variety of reasons. However, the memecoin could witness a significant rally once the Dogecoin Exchange Traded Fund (ETF) debuts in the market.
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dogecoin price prediction
The possibility of Dogecoin being included in Grayscale’s report has raised expectations for Dogecoin’s price to soar. The overall market rose after Grayscale recognized DOGE as a potential addition to its future investment portfolio. The portfolio already includes Bitcoin and other important cryptocurrencies. The currency could head toward the $5 mark with the DOGE ETF. The network further stated:
2033 is determined by DOGE’s maximum price of $4.35. However, the rate can drop to around $3.69. Therefore, the expected average transaction price is $3.79.
According to Changelly data, Dogecoin will reach the $5 level between 2033 and 2040.
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