According to a tweet from Santiment Feed on Tuesday, Dogecoin has seen an increase in large whale transactions as the crypto market rallies.
“With many altcoins enjoying a solid rebound to their market caps in July, we can see the amount of $100k+ valued whale transactions are beginning to rise. DOGE, MATIC, & UNI are noticeably seeing rises in these large transactions on their networks,” Santiment tweeted, highlighting the trend.
It is worth noting that whales have recently shown increased interest in the popular meme coin. The token is one of the top ten coins sought after by the biggest whales on the Binance chain.
Notably, Dogecoin has seen an increase in transactions this week as well. Over 75,000 transactions were processed in 24 hours on the doge network, the most since May 2021. Meanwhile, MyDoge Wallet announced today in a tweet that the number of transactions in the last 24 hours had surpassed 80,000.
DOGE Still Faring Well Despite The Elon Musk’s Twitter Deal Deadlock
It is worth noting that, despite the failure of Elon Musk’s deal with Twitter, which raised hopes for the integration of Dogecoin for payments on the platform, there has been a lot of good news for the network in recent months.
Notably, the MyDoge Wallet team’s efforts to introduce memes into the Dogecoin metaverse have garnered positive attention for the cryptocurrency. Furthermore, the Dogecoin development team is not sitting on its laurels, as Dogecoin v1.14.6 is set to go live soon. The upgrade is expected to improve network security and efficiency.