According to U.Today, Dogecoin (DOGE) is currently experiencing a mixed performance, with a decrease in price but a significant increase in accumulation by large-scale investors, also known as 'whales'. The price of Dogecoin has fallen by 8.35% in the past 24 hours, dropping to $0.1475. Despite this, the coin's trading volume has seen a 96% increase, reaching $1,696,311,945 due to a surge in transactions worth $1 million.
Crypto analytics platform IntoTheBlock reports that Dogecoin whale transactions have risen by 46.6% in 24 hours. This has resulted in the acquisition of $4.2 billion DOGE by whales. These large-scale purchases account for a total of 27.78 billion coins bagged by these investors, whose trade size represents $100,000 or more. Despite the recent struggle in the coin's breakout potential, the 27.78 billion coins purchased are seen as a vote of confidence by this group of buyers.
Dogecoin is known for its volatility and a highly reactive community. Currently, the coin's momentum is largely influenced by the overall pace of the market, with Bitcoin (BTC) being a major determinant. Despite the coin's market value dropping to as low as $0.145 in the past seven days, the lowered price is seen as a vote of confidence for the asset.
Dogecoin developers are considering the introduction of smart contract features on MyDogeWallet. Two of the features being planned are Doginals and DRC-20, with upgrades set to be implemented on the wallet's browser extension. These additional ecosystem functionalities could potentially create a new demand avenue for Dogecoin, benefiting the entire meme coin community.