3 Key Points:
- Whale Alert tracked an enormous transaction of 990 million DOGE.
- Significant spike in Dogecoin daily active wallet addresses noted in December.
- Dogecoin’s liquidity ranking rises, gaining attention on social platforms.
Significant DOGE Movement Recorded
A notable transaction involving 990 million Dogecoin, equivalent to approximately $79.8 million, was recorded. This movement occurred on January 16, 2024, and involved the transfer of funds from one anonymous wallet to another. The transaction unfolded over 11 separate transfers, each involving 90 million Dogecoin. Observers provided mixed responses, with speculations running rampant on social media platforms.
Active Dogecoin Addresses Surge
According to the data from Bitinfocharts, there was a remarkable surge in active Dogecoin addresses, which hit a peak on December 19, reaching 250,289. This represents a fivefold increase over the average count, indicating a potential uptick in user engagement and interest in the memecoin around that period.
Dogecoin’s Liquidity and Social Presence
Liquidity analysis from a Kaiko research report placed Dogecoin impressively at fourth among the top 50 crypto assets, trailing behind the leader, Bitcoin, and outperforming others like Solana. Ki Young Ju, the CEO of CryptoQuant, brought Dogecoin into a social media-driven spotlight by inquiring from Grok, an AI chatbot developed on Elon Musk’s platform, about the optimal cryptocurrency for Twitter users.
Grok not only recognized Dogecoin as a standout choice but also attributed its suitability to Musk’s open support and the strong presence of its community on Twitter. According to Grok, this renders Dogecoin a prime cryptocurrency for active social media engagement within the sphere of crypto enthusiasts.