Dogecoin's (DOGE) price just hit a 10-week-high level, according to data provided by CoinMarketCap (CMC). At the time of writing, the popular memecoin is trading at around $0.072, up by 14% in the past 24 hours.
According to a tweet by Santiment, an on-chain market analytics and intelligence platform, DOGE broke out right after the second largest cryptocurrency, Ethereum (ETH).
🐶 #Dogecoin rose above $0.072 for the first time in 10 weeks on the tail end of #Ethereum's own breakout the past couple days. Both $DOGE whale transactions & trading volume spiked to August levels. Markets generally polarize when #memecoins decouple. https://t.co/9kf2EZz9va pic.twitter.com/nSIAfN7by9— Santiment (@santimentfeed) October 26, 2022
Santiment points out to the rise of the memecoin’s trading volume — reaching $1.4 billion in the past 24 hours — and an increase in whale transactions. Per the on-chain analytics and intelligence platform, there have been around 462 transactions valued higher than $100,000.
DOGE, the top memecoin by market cap, gained a bullish momentum when the whole crypto market capitalization reached the $1 trillion mark, according to a U.Today report. While Dogecoin’s whale transactions and trading volume reached the highest in two months, Santiment says:
Markets generally polarize when #memecoins decouple.
According to a U.Today analyst, Dogecoin has been showing signs of life for the past few days while suggesting that investors should always stay cautious.
Parabolic moves for Dogecoin and the second largest memecoin, Shiba Inu (SHIB) are also expected, as U.Today reported, by former U.S. congressional candidate and founder of Gokhshtein Media David Gokhshtein.