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As its price increased by almost 30% today, February 29, Dogecoin—one of the most well-known meme coins trading in the cryptocurrency space—once again inspired great hope among those interested in the cryptocurrency market worldwide. Amidst this extraordinary surge, data from the blockchain tracker Whale Alert showed that an astounding 761.2 million DOGE were in motion, grabbing attention around the world as the cryptocurrency recently crossed the $0.1 threshold.
In the meantime, DOGE's derivatives data suggested that the market was on the rise, generating optimistic feelings consistent with the company's recent price surge. As significant amounts of fresh capital join the market, dealers and investors seem to be expressing confidence in the digital asset, which is fueling more enthusiasm for Dogecoin.
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Transactions involving Doge Whales Raid Expectations
Two significant transactions showing the reshuffling of an astounding 761.2 million DOGE occurred today, February 29, according to the data released by Whale Alert. In the initial transfer, 61.61 million DOGE, or $7.92 million, were moved from well-known cryptocurrency exchange Binance to unidentified wallets. In contrast, the second transfer showed that an incredible 699.99 million DOGE, valued at $89.05 million, had been transferred from unidentified wallets to Binance.
These trades quickly generated conjecture because they revealed divergent opinions among whales—some were discarding tokens, while others kept stockpiling.
Nevertheless, according to CoinMarketCap's worldwide market cap ranking, Dogecoin's price surge helped the meme coin move up from 10th to 9th place. This attracted attention from everyone around the world because the meme coin had been performing poorly lately but had now surged significantly.
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Dogecoin Pricing Increases
At the time of writing, Dogecoin is trading at $0.1288 after rising a stunning 29.88% in the previous day. DOGE has made significant ripples in the cryptocurrency world with a staggering 246.27% increase in trading volume for the meme coin in a single day.
Surging whale accumulations support this upward trend, according to analysis by CoinGape Media. When the volume shot up 172% and the open interest increased by almost 50% in Coinglass's derivatives data, which suggested an upward trend.
The OI-weighted funding rate shot up to 0.1485%, suggesting that investors are willing to put in more money for long-term positions in DOGE. This fueled market optimism for DOGE and matched forecasts for further price increases. A possible future collaboration with Ferrari seems to be fostering confidence surrounding DOGE and giving rise to optimistic ideas about its future.