Whales Are Waking Up: Key Data Points Show Action in Dogecoin (DOGE)

Dogecoin (DOGE) has emerged as one of the top performers amid market recovery following the significant volatility witnessed over the past weekend. The eighth-largest cryptocurrency by market cap, trading at $0.164, has brought its monthly gains to nearly 96%.

Whale Activity Surges on DOGE

Coinciding with the aforementioned surge, the number of DOGE whale transactions has also reached a new milestone. Amid renewed market activity, Dogecoin whale activity appears to be on the rise, with transactions exceeding $1 million increasing by over 600% in the past month alone. According to a recent analysis by IntoTheBlock, this surge not only indicates unprecedented growth but also marks the highest number of Dogecoin millionaire transactions since the OG meme token peaked in May 2021, essentially highlighting increased participation from large investors despite market fluctuations.

Dogecoin Gains While Market Consolidates

While the broader market started Friday with a relatively sideways movement, Dogecoin managed to post nearly 5% gains over the past day. In a notable development, Coinbase Derivatives, the derivatives arm of the American crypto exchange Coinbase, announced its plans to offer cash-settled futures contracts for Dogecoin, along with Litecoin and Bitcoin Cash, by April 1st. The exchange stated in its announcement:

Coinbase Derivatives will launch its first leveraged and CFTC-regulated futures contracts for Bitcoin Cash, Dogecoin, and Litecoin in April.

Analytical Reports on DOGE

The timing of the announcement coincides with another report indicating that the financial arm, X Payments LLC, has acquired additional licenses to facilitate payment functions on the social media platform led by Elon Musk. A known proponent of Dogecoin, Elon Musk has hinted at potential integrations with the blockchain as early as 2022.

Data from CoinGlass reveals that Dogecoin’s open interest (OI) stood at over $1.3 billion as of March 22nd. While the meme token itself is trading over 70% below its ATH value witnessed during the previous bull run, the OI reached a new high of $1.4 billion earlier this month. According to experts, if the bullish momentum continues, Dogecoin could soon reach a new high.