The Dogecoin rate grew by 35% in a week, outpacing major cryptocurrencies in terms of trading volume. 🚀 This coincided with a large-scale transfer of DOGE initiated by a mysterious “whale”.

The cryptocurrency market has picked up momentum over the past week, with Dogecoin (DOGE) being one of the best performers, with its price up 35% and approaching $0.20.

DOGE also outperformed several competitors in various indicators. For example, the largest meme coin has surpassed $3.6 billion in trading volume over the past 24 hours. Solana (SOL), Ripple (XRP) and Binance Coin (BNB) are behind with $3.5 billion, $1.8 billion and $1.7 billion respectively. .

The resurgence of Dogecoin coincides with an increase in activity from large investors. Whale Alert reported a case where one mysterious person (or organization) transferred over 1 billion DOGE (worth over 180 million at current rates) to an unknown wallet.

Many users expressed optimism that this could be a harbinger of a significant price increase. Others wondered who this mysterious "whale" might be, suggesting it could be Elon Musk.

Tesla's CEO is an ardent supporter of the meme coin and HODLer. Earlier this month, he hinted that his company might accept DOGE as a payment method "at some point." He also promised to continue to support the asset, adding "Dogecoin to the Moon." 🌕

Some analysts have recently put forward optimistic forecasts for the token's price. DonAlt was among the most bullish, arguing that "it's not too unlikely that Dogecoin will rise to $1" based on how it's trading against Bitcoin.