Whale activity on the Dogecoin ($DOGE) network has recently exploded, with whale transactions spiking to their highest level since November 27, at a time in which the number of active addresses on the network hit its largest 2-day stretch since early November.
According to data from on-chain analytics from Santiment, there were 523 transactions on the Dogecoin blockchain above $100,000 at the end of January, while the number of daily active addresses on the network surged to 86,400.
The large whale activity surge came at a time in which a popular cryptocurrency analyst known as Smart Contractor on social media said that while the DOGE/USD trading pair looks like a “hot mess,” the DOGE/BTC pair “looks gearing up for a revenge pump of probably 100% or more.
Dogecoin’s price has notably recently surged after a report suggested Elon Musk wants Twitter to offer a payments service that would include cryptocurrencies. Musk is a well-known $DOGE supporter who recently put pressure on fast-food giant McDonald’s to accept it as a payment method.
Elon Musk’s original offer to McDonald’s came after a cryptocurrency market sell-off that had seen McDonald’s tease the cryptocurrency community with a tweet asking people who run crypto Twitter accounts how they are doing after the sell-off.
Responding to a tweet from the official account of McDonald’s, which had been inactive for a few months, a user asked Musk whether his offer to eat a Happy Meal on TV if the fast-food chain accepts $DOGE as a payment method was still standing, to which Musk responded positively.
Earlier, another pseudonymous cryptocurrency analyst, Rekt Capital, suggested DOGE could see a breakout rally that would see it rise above its current levels after it underperformed other meme-inspired cryptocurrencies in the cryptocurrency space’s latest rise.
Rekt Capital shared in a tweet with their over 330,000 followers that DOGE was “now testing the top of the Falling Wedge trying to challenge for a breakout.”
It’s worth noting Smart Contracter is famous for, in June 2018, predicting the bear market that was seeing the price of bitcoin drop from a then-all-time high near $20,000 would end with the coin trading at $3,200. The prediction was nearly accurate, as BTC hit the target in December of that year.
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