the meme cryptocurrency Dogecoin (DOGE) is being fueled by large sleeping whales as its price continues to rise since last week, according to a recent analysis shared by on-chain platform, Santiment.
The analysis, published on March 31, noted that the memecoin Dogecoin managed to show an increase of more than 10% yesterday, reaching a value of 29% in the week. According to the platform, DOGE is being fueled both by large holders who were dormant, and by the lack of FOMO (fear of missing out/missing out).
“The top memecoin by market cap (#8 market cap crypto asset overall) is being fueled by large sleeping whales moving $DOGE back into circulation and the lack of FOMO that would normally form tops.”
???? the #Dogeco is up another +10% today, and +29% this week. The top #memecoin by market cap (#8 market cap #crypto asset overall) is being powered by major dormant whales moving $ DOGE back into circulation, and a lack of #FOMO that would normally form tops. https://t.co/KKxqe4SBCm pic.twitter.com/Mb8YF71iIq
- Santiment (@santimentfeed) March 31, 2024
However, DOGE showed a drop in its value, as well as returning to being the ninth largest asset by market capitalization, being surpassed by USDC. Dogecoin's market capitalization is $29.758.970.337.
At the time of publication, the price of Dogecoin was quoted at US$0,2057, down 0.4% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$3.415.146.263. In the last seven days, DOGE has increased its price by 20.8%.
It is worth remembering that, recently, the price of the biggest meme cryptocurrency on the market, Dogecoin (DOGE) skyrocketed, reaching a new milestone rising almost 20% in just 24 hours. During the recent rally, the Dogecoin token managed to reclaim the $0,20 price level for the first time since December 2021.
In its monthly development, Dogecoin has shown quite significant growth by increasing its value by an impressive 44.6% in the last 30 days.
