Dogecoin’s transactions soar as institutional interest grows: Report

Dogecoin, the popular meme cryptocurrency, is currently experiencing a price decline amid ongoing events, including the criminal case against Binance ex-CEO CZ and the recent SEC lawsuit against cryptocurrency exchange Kraken for securities law violations. 

However, according to the recent report by IntoTheBlock,

Along with this, IntoTheBlock also reported a notable surge in active Dogecoin addresses, marking an 87.1% increase since early November. The count rose from 48,470 on Nov. 1 to 90,690 by Nov. 20, indicating substantial growth in user engagement. This uptick in address activity is generally viewed as a positive development for Dogecoin.

Despite a lengthy period of struggle, Dogecoin (DOGE) has staged an impressive comeback, recording an over 17% surge over the past 30 days. As of now, the popular meme cryptocurrency is trading at an average price of $0.075. The 24-hour trading volume has seen a substantial decline of 42.15%, reaching $358 million at the current press time.

Also Read: Dogecoin decouples amid Crypto market wide sell off

Whale Alert, a prominent crypto data tracker, reported notable activity in Dogecoin transactions on November 22, 2023. Three significant movements were identified: 

1. Firstly, 92.3 million DOGE, equivalent to $6.8 million, shifted from Robinhood to an undisclosed wallet.
2. Secondly, a substantial sum of DOGE valued at $35.3 million was transferred from an unidentified wallet to Bittrex. 
3. Lastly, an unknown wallet deposited 70.1 million DOGE, amounting to $5.2 million, into Robinhood. 

These transactions indicate substantial movement and redistribution of Dogecoin within the crypto market.

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