Large dormant whales are driving the surge in Dogecoin price

The meme cryptocurrency Dogecoin (DOGE) is experiencing a surge in price, driven by dormant whales and a lack of FOMO, according to an analysis by Santiment. The analysis revealed that DOGE has seen a 10% increase in value in the past day and a 29% increase over the week. This surge is attributed to large holders moving DOGE back into circulation and the absence of FOMO that typically accompanies such spikes. However, DOGE has also experienced a drop in value, causing it to fall to the ninth largest asset by market capitalization, behind USDC. As of now, Dogecoin’s market capitalization stands at $29.758.970.337. The current price of DOGE is $0.2057, with a 0.4% decrease in the last 24 hours. The cryptocurrency has recorded a trading volume of $3.415.146.263 during this period. Over the past week, DOGE has seen a 20.8% increase in price. It is important to note that Dogecoin recently reached a new milestone, surging by almost 20% in just 24 hours and reclaiming the $0.20 price level for the first time since December 2021. In the past month, DOGE has shown significant growth, with its value increasing by an impressive 44.6%. It is crucial to remember that the opinions expressed in this article are for informational purposes only and should not be considered as financial advice. Investing or trading cryptocurrencies carries a risk of financial loss.