Aug 7, 2024
According to UTODAY. Dogecoin (DOGE) has witnessed a significant surge in network activity, coinciding with a 14% increase in its price. At the time of writing, DOGE has risen 14% in the last 24 hours, reaching $0.095. This surge is accompanied by a notable rise in large transaction volumes. According to IntoTheBlock data, these volumes have skyrocketed by 119%, hitting an impressive 16.5 billion DOGE. Large Transaction Volume estimates the total amount transacted by whales and institutional players daily, with spikes indicating heightened activity among these key players.
Additionally, total fees on the Dogecoin network have seen a substantial increase. Fees have risen from 20,340 DOGE to 28,470 DOGE, reflecting growing demand for network transactions. Rising fees typically indicate increased user activity and willingness to pay higher fees to complete transactions.
The number of active addresses on the Dogecoin network has also increased, climbing from 40,420 to 51,320 in the last 24 hours. This rise suggests broader participation, with more users engaging in transactions and other activities.
Dogecoin Price Jumps 14% Amid Market Recovery
On Tuesday, cryptocurrencies recovered some of the previous day’s losses as markets broadly bounced back. Cryptocurrencies fell on Monday amid a global market sell-off triggered by recession fears, following a weaker-than-expected July jobs report. Dogecoin sharply plunged to lows of $0.08, levels last seen in February this year, marking a 10-day losing streak after hitting a high of $0.1388 on July 27.
Looking ahead, a decisive break above the daily moving averages of 50 and 200 could allow Dogecoin to escape the consolidation range it has been in since mid-April. In the meantime, consolidation appears likely as Dogecoin bulls gather strength for the next major advance.
Genesis Trading's $4 Billion Distribution and Potential Market Impact
Last week, Genesis Trading began distributing about $4 billion to its creditors as part of its restructuring process. The failed cryptocurrency lender has completed its bankruptcy proceedings and is now paying out a combination of digital assets and cash.
However, a potential threat is emerging in the Shiba Inu (SHIB) market. Genesis Trading holds 21.9 billion SHIB, worth about $294,640. This large holding, although smaller than last year's Voyager and Shiba Inu situation, could still impact the market if sold. Genesis' plan to distribute assets comes amid existing market fears, uncertainty, and doubts, potentially exacerbating concerns.
On a positive note, the latest press release states that the bankrupt lender does not plan to limit compensation based on asset values as of the bankruptcy filing date. Customers will receive an average of 64% in-kind reimbursements in this initial distribution, with exact compensation varying by asset type. Creditors holding Bitcoin will get 51.3% of their claim, while those with Ethereum can expect to recover around 66%.
