Dogecoin Sees 990 Million DOGE Transfer, Explosive Daily Active Addresses Growth: Big Move Incoming?

Dogecoin DOGE/USD whale activity and a rising number of daily active addresses indicate a big move may soon be on the horizon for Dogecoin.

What Happened: Whale Alert data showed an impressive 990 million Dogecoin, worth $79.8 million, was transferred from one unknown wallet address to another address on Jan. 16, 2024.

The receiving address got the Dogecoin in 11 different transactions, each worth 90 million Dogecoin. Reactions on X were mixed, ranging from "Dump" to "To The Moon."

Bitinfocharts data showed daily active Dogecoin addresses exploded to a peak of 250,289 on Dec. 19, a fivefold increase over normal activity. 

Price Action: Dogecoin is up 1.4% over the last 24 hours and 4.2% over the last seven days.

Also Read: Dogecoin Rival BONK Rallies Almost 20%: Bullish Trader Doubles Down, Another Declares 'BONK Is The Next DOGE'

Why It Matters: A research report from Kaiko smart data ranked the top 50 crypto assets by liquidity. Unsurprisingly, Bitcoin topped the list, but Dogecoin was ranked fourth, ahead of Solana.

CryptoQuant CEO Ki Young Ju asked Grok, the AI chatbot developed by Elon Musk’s X platform, “What is the best cryptocurrency for Twitter?’’

Grok replied it was Dogecoin, based on Musk being a supporter of the memecoin and mentioning it in his tweets.

Grok stated, “Additionally, the Dogecoin community is very active on Twitter, making it a great choice for those looking to engage with fellow crypto enthusiasts.”

While Dogecoin has recently not made any significant price moves, its time may soon come. 

Read Next: 'Great Chance Of Rebounding': Crypto Analyst Predicts Potential Dogecoin Rally To $0.10 Following Buy Signal

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