Dogecoin creator, Shibetoshi Nakamoto called attention to the dramatic increase in the number of transactions on the chain. This was when the statistics unexpectedly reached approximately 70,000 operations in the previous 24 hours
The sudden rebound of the bitcoin market occurred after the rise in Doge transaction volume. The two biggest cryptocurrencies, Ethereum and Bitcoin, saw gains of 11% and 6%, respectively, over the weekend trading session.
Dogecoin gains as the market recovers
In terms of DOGE’s price performance, the meme currency is increasing in value by about 3.7%, which is a modest increase for such a fickle asset. The increasing activity of whales might be the cause of the surge in transactions on the Dogecoin network.
Whales may be staking more DOGE in anticipation of a potential rebound run now that the market is beginning to show indications of improvement. Dogecoin made a higher low during its journey for the first time in the previous five months, indicating a probable market reversal.
As whales may start shifting their cash from cold wallets to exchanges, the sharp increase in network transactions might also be an indication of impending market selling pressure.
The current market situation is displaying signs of a recovery. But it is quite unsure whether the market will rebound and continue the prolonged bear market. Whales that had accumulated SHIB and DOGE during the lows have enjoyed some profits due to the spike.
One of the best performers over the last week was MATIC, which displayed over 60% growth over the last week.