Dogecoin (DOGE), a cryptocurrency that trades on crypto-exchanges has been moving higher. It reached an intraday peak of $0.07657, an increase of 11% and 23% respectively over the past week. This surprising price move demonstrates that DOGE is not being affected by complex legal proceedings or ambiguities surrounding Elon Musk’s potential acquisition of Twitter for $44 Billion earlier in the year.
Dogecoin Surges
While the cryptocurrency market was seeing green readings everywhere, gains were most concentrated in the top meme tokens. Dogecoin (DOGE), amongst the top gainers.
According to Santiment, the market capitalisation of most altcoins increased significantly in July. According to Santiment, there was a substantial increase in whale tradings worth $100K. According to the tracker, DOGE is one of these tokens that are witnessing large network transactions.
🐳Many #altcoinsWe can now see that the value of whale transactions exceeding $100k is beginning to increase, despite a strong rebound in their market caps. $DOGE, $MATIC, & $UNIThese large transactions are on the rise in their networks. https://t.co/XYEQPr6mWG pic.twitter.com/JR97zQuqXa
— Santiment (@santimentfeed) July 19, 2022
According to MyDoge wallet, there were more than 80K Dogecoin transactions registered in the last day. DOGE founder, meanwhile, had noticed a substantial increase in transactions to reach 70,000. According to reports, this number had increased by 59.49% over the week before.
Dogecoin Whale Alert pointed out, however that Robinhood might have transferred around 3.2 million DOGE (worth approximately $218 millions) to its cold stock.
Source: Santiment
Dogecoin has seen an increase of 13% in its trading volume over the past day. It is currently trading at $0.0745 an average as of this publication. But, the DOGE trading volume over 24 hours has increased to $904 Million. In the last 30 trading days, 22% has been added in DOGE prices. The current market capitalization for DOGE is $9.89 trillion.
Doge/USD during bullish run. TradingView
The whale tracker also reported DOGE ranked in the top 1000 BSC whales for smart contract usage over the past 24 hours. Dogecoin’s $10.6million value is however included in the Top 100 Whales.
Similar reading: Dogecoin, (DOGE), Seen Jumping This month, Despite Twitter’s Musk Deal Collapsing| Dogecoin (DOGE) Seen Jumping This Month, Despite Twitter-Musk Deal Collapse
Musk Vs. Twitter Tussle Isn’t Affecting Price
This surprising price move underscores DOGE’s inability to take part in complicated legal proceedings or ambiguity around the $44 Billion acquisition of Twitter earlier this year by Elon Musk.
Tesla/SpaceX’s CEO stated two weeks ago that he would withdraw from the agreement. Twitter counter-sued Musk, who had previously filed a suit to challenge the agreement. After months of open debate, yesterday’s Delaware judge ruled that an October five-day trial would be held to settle the matter.
Following the release of that information, Twitter’s stock price fell 2% this morning to $38.85 per share at the time of publication, according to Yahoo! Finance. Financial.
Similar reading: Dogecoin shows signs of Vigor – DOGE Target Of 0.075 within Range| Dogecoin Shows Signs Of Vigor – DOGE Target Of $0.075 Within Range
Featured image taken from iStock Photo.