Dogecoin transactions surge as the cryptocurrency market grows
Dogecoin transactions surged as the cryptocurrency market began to recover. How much did the figure increase? What could have influenced the spike? At what level is meme coin trading? And how much did the cryptocurrency market rise over the weekend?
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The number of transactions in the Dogecoin chain increased sharply in the last 24 hours. The value of the indicator increased to 70,000 transactions. The creator of the meme coin announced it on his Twitter. DOGE quotations increased in price by 5%, demonstrating a moderate increase considering the volatility.
Along with a surge in Dogecoin transactions, the cryptocurrency market unexpectedly recovered. BTC and ETH grew over the weekend: the value of the industry leaders surged by 6% and 11%, respectively, and continued to rise during Monday’s trading session.
Presumably, the increase in the number of transactions in the Dogecoin network is due to the increased activity of large holders of digital assets. As the market showed signs of recovery, they began to make more transactions with DOGE. The Dogecoin asset has formed the highest minimum for the first time in 5 months. This indicates a possible trend reversal.
The transaction surge could also signal bearish pressure, as the whales may move funds from cryptocurrency wallets to exchange addresses. Then the Dogecoin recovery will be short-lived due to the low volume in the market.
As a reminder, the meme coin’s downward movement has been going on for a year. When writing the news, Dogecoin was trading at $0.066. The asset's price increased by about 15% during the last trading week.
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