Dogecoin (DOGE) can be said to be back on the radar of whale investors as data shows recent surge in whale’s activity.
The total market valuation of cryptocurrencies has surged in the final quarter of the year, reviving interest in popular projects. Dogecoin has been one of the biggest beneficiaries with investors keen to get exposure in the most recent bull market.
Unsurprisingly, DOGE has surged 20% since October, climbing from a valuation of $0.062 to $0.077 at the time of writing. At the same time, the increase has coincided with an increase in whale activity, according to data from IntoTheBlock.
The metric reveals DOGE transaction number exceeding $100,000 since mid-October which previously struggled to surpass the 1,000 mark.
However, recent weeks have seen that figure consistently stay above 1,000 transactions daily. Similarly, there have been up to 1,500 transactions DOGE transfers since the past month, exceeding the $100,000 value.
Whales and DOGE
Transactions above $100,000 threshold are often considered whale activity hence, Dogecoin’s latest improved metric suggests whales interest in the project.
The recent uptick in institutional interest suggests its infallibility and that institutions may be sizing up exposure to the popular memecoin. In the past, Dogecoin has been touted by billionaires such as Elon Musk and Mark Cuban as having a role in global crypto payments.
Meanwhile, Dogecoin maintains a market cap of around $11 billion and ranks as the ninth largest cryptocurrency by market capitalization.
DOGE’s current market value is still around 89% off its all-time high of $0.7376 yet, its longevity and broad public appeal makes it an interesting prospect, especially among investors with a high-risk appetite.