Dogecoin (DOGE) is once again attracting attention in the crypto market following a massive increase in profits and activity lately. According to Whale.io data, there has been a significant rise in its realized profits in the past 24 hours, reaching $36.1 million.
This 225.58% rise indicates that many traders are making impressive gains with DOGE’s price movements. With a 7.93% increase, there has also been a sharp rise in daily transactions to $595.9 million, suggesting increased user interest and market activity around the meme-themed crypto asset.
Dogecoin defies meme status
The data also showed that the average buy price for DOGE dropped 1.02% in the last 30 days but still stands at $0.159. Even though the drop isn’t huge, it is a sign that new buyers are making their purchases at prices slightly below previous buy prices.
The sharp surge in realized profits suggests that many DOGE holders are in profit at this price level. At about 931, the HODL days show the average period investors have held onto their DOGE.
The 1.73% rise in the last month shows that their confidence in Dogecoin remains as strong as ever. These data show that Dogecoin continues to demonstrate profit potential despite still being considered a joke asset by many in the crypto ecosystem.
It remains popular among active traders and long-term holders. While whales play a major role in its price action, DOGE keeps attracting serious investment despite its meme origins.
Analysts suggest that this fresh wave of activity could be part of a broader positive movement in the altcoin space.
DOGE trading volume spikes to $2.71 billion
According to CoinMarketCap data, Dogecoin currently trades at $0.2296 after gaining 2.47% in the last day. Its trading volume increased by 63.39% to $2.71 billion over the past 24 hours. This suggests increased interest from retail and institutional investors.
This trading volume shouldn’t be confused with the transaction value mentioned above. The former is the value of DOGE trades across exchanges, while the latter refers to the value of DOGE moved among wallets.
The 24-hour price chart shows that Dogecoin reached a peak price of $0.237 before a slight price correction, even though it has retained most of its gains. DOGE has maintained relevance over the past years, partly due to its endorsements by high-profile personalities like Elon Musk and its use in small transactions such as tipping.
