The meme coin Dogemoneta DOGE/USD has seen an increase in investor interest and price increases. This resurgence comes after a period of recession in the broader cryptocurrency sphere.
A staggering movement of 200 million Dogecoin from Robinhood to an unknown wallet triggered DOGE’s recent upward price movement.
Subsequently, Dogecoin’s value crossed the $0.18 mark on Saturday, fueling speculation about its potential to reach the $1 mark.
At the time of writing, DOGE was trading at $0.1831, up nearly 7% in the past 24 hours.
According to Whale Alert, the DOGE movement was made in two transactions totaling approximately $35.45 million.
The wallet raised 199.27 million DOGE through two transactions in the last 24 hours. The initial transaction involved the acquisition of 100 million DOGE, valued at $17.77 million, from Robinhood.
Also Read: Huge $33.8 Million in Dogecoin Value Scrolled to Robinhood – and People Suspect This Person Is Behind It
Later, in a separate transaction, 99.27 million coins were purchased from the same exchange, for a total of $17.68 million.
The crypto community is excited about Dogecoin’s resilience and its implications for future market movements. Recent transactions have greatly contributed to bullish sentiment among investors and analysts.
With Bitcoin’s halving event imminent, many in the cryptocurrency industry are closely watching meme coins like Dogecoin, anticipating possible price increases similar to Bitcoin’s post-halving performance.
Last week, the meme coin, often backed by Elon Musk, saw a notable $800 million increase in open interest in three days. Dogecoin price increased by 35%, hitting a weekly high of $0.17.
The news came from Musk X Payments LLCa social media offshoot of his motif X (X.com, SpaceX, xAI), has expanded its operational footprint by securing money transfer licenses in three additional states: New Mexico, Oregon and Illinois.
Now Read: Dogecoin Soars As Elon Musk’s X Payments Gains Ground, Enthusiasts Rally With $800 Million Raise
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