Reaches $62 billion market capitalization following price rise

TLDR

• Two whale trades moved $102 million worth of DOGE between major exchanges and wallets
• DOGE Market Cap Reaches $62 Billion Milestone With Price Around $0.44
• The network reached a record 9.23 million active addresses, showing growing adoption
• Trading volume stabilized at $2.44 billion per day in December
• Price finds technical support at $0.40 with resistance at $0.50

Recent whale activity has drawn attentiono Dogecoin market performance as the cryptocurrency maintains its position above $0.40. Two major transactions totaling $102 million in DOGE value have highlighted the growing institutional interest in the digital asset.

The transfers, which took place between major cryptocurrency exchanges and private wallets, saw 131 million DOGE transferred to Coinbase and 117 million DOGE transferred from Binance to an undisclosed wallet. These moves come as Dogecoin’s market capitalization exceeds $62 billion.

Network data reveals a steady increase in user engagement throughout the fourth quarter. Active addresses on the Dogecoin network reached a new high of 9.23 million in November, indicating broader adoption across the ecosystem.

Trading volumes returned to stability in early December, with daily transaction value standing at $2.44 billion. This follows a spike of more than $10 billion in daily volume during the most active trading periods in November.

Price analysis shows DOGE trading near $0.44, marking a substantial recovery from October levels below $0.10. The cryptocurrency established clear support at $0.40, while facing resistance at the $0.50 price level.

Technical indicators remain favorable, with the 50-day moving average at $0.26 providing a solid base for current price levels. The 200-day moving average at $0.15 continues to provide long-term support for the uptrend.

Market participants note the RSI at 62, suggesting room for further upside after November’s overbought conditions cool. This technical picture portends potential consolidation ahead of the next price move.

Derivatives trading has seen increased activity, with volume up 77% in recent weeks. This rise indicates growing interest from traders taking positions in DOGE future price direction.

The cryptocurrency’s presence in the market has strengthened significantly since October, supported by constant buying pressure and increased network usage. The current market capitalization reflects this strengthened market position.

Support levels formed at key price levels, with $0.40 serving as immediate support and $0.35 providing further support in the event of a retracement. These levels are closely monitored by market participants.

The gap between the moving averages has widened, which is generally a sign of sustained bullish momentum in price action over the medium term. This technical training often precedes continued price appreciation.

Whale transfers between exchanges and private wallets can suggest strategic positioning for future market movements. Such large-scale trading often takes place before major price changes or periods of increased volatility.

On-chain metrics show a healthy split between institutional and retail activities. The network continues to efficiently and reliably process both large transfers and small retail transactions.

The growth in the number of active addresses to 9.23 million demonstrates growing network participation across various user segments. This diversity in the user base suggests organic growth rather than concentration of holdings.

Recent market data indicates that DOGE’s price action has occurred alongside real network adoption and utility development, moving beyond purely speculative trading models.

41