The transaction volume of Dogecoin (DOGE), the original meme coin, has increased. The bulk of the action started with big whale wallets. Compared to Shiba Inu (SHIB) and Pepe Coin (PEPE), DOGE’s transaction volume was significantly higher.
Fans and investors of DOGE can now breathe a sigh of relief after the asset experienced a recent rise in volume and price. Significant trades reached $1.06 billion on May 28 due to DOGE whale activity, strengthening holders’ confidence. On-chain activity has decreased for Shiba Inu and PEPE, which became DOGE’s major competitors in April and May.
In addition, 50% of Dogecoin (DOGE) holders are making money, claims IntoTheBlock. Nevertheless, 46% of holders are still in the red, while 4% have turned a profit. Data from IntoTheBlock also revealed that while network growth has slowed by 0.16%, the number of persons in profits has climbed by 4.24%.
Dogecoin (DOGE) Potential to Reach its $1 Target
Reaching $1 would represent an increase of 1263.83% from its current value. Even though this number is significant, it is possible to be attained.
DOGE was trading at $0.071024, or nearly the same price as it is now, on April 13, 2021. However, it set an all-time high on May 8 at $0.731578—far below the $1 threshold—about 4 weeks later. DOGE still has a chance of achieving its $1 goal.
Despite this, only a little has taken place that could raise the value of DOGE to new heights. Even the most prominent backer of Dogecoin (DOGE), Elon Musk, has stated that placing all of one’s investments in the cryptocurrency with a dog motif is not advisable. However, Musk said he would be open to Twitter’s eagerly awaited payments feature accepting DOGE.
However, we have no confirmation of this. DOGE may reach $1 if it is allowed on Twitter. Apart from that, there is little to help the asset move forward. Dogecoin’s current price is $0.073172, and its 24-hour trading volume is $179,790,473. Dogecoin has increased by 0.93% over the past day.
Dogecoin is up 0.93% in the last 24 hours. Source: CoinMarketcap