Dogecoin (DOGE) has seen a notable increase in both its price and trading volume. According to Santiment, a prominent cryptoanalysis company, Dogecoin has experienced a modest 5% increase, standing out during a predominantly bearish day.
This increase is supported by an impressive on-chain transaction volume of $665 million, marking the highest level seen in the last three months.
Furthermore, there has been a significant increase in the number of long Dogecoin positions, indicating a strong bet by traders on the continued rise of its price.
Dogecoin outperforms other altcoins
CoinGecko’s latest data presents a stark contrast between Dogecoin and other major altcoins.
Dogecoin is up more than 6% in the last 24 hours. Meanwhile, altcoins such as Ethereum (ETH), Solana (SOL), Avalance (AVAX), Cardano (ADA), and Shiba Inu (SHIB) are all in the red.
In fact, Dogecoin is the only major cryptocurrency in the green in the last 24 hours.
Possible catalysts
The recent boost in Dogecoin market performance can be partly attributed to the significant whale activities and rumors surrounding their lunar ambitions.
Recently, a Dogecoin whale moved over 103 million DOGE from the Robinhood trading platform, as part of several large transactions recorded in November. In particular, a massive transfer of 690 million DOGE between unknown wallets was reported, along with other substantial movements involving hundreds of millions of DOGE.
Additionally, excitement is being fueled by news that a physical Dogecoin token is planned to be sent to the moon in December, a project by space payload transporter Astrobotic. This news has sparked considerable interest among Dogecoin enthusiasts and investors, adding to the bullish sentiment around the meme coin.
