In a day that has seen the price of DOGE increase, traders of the memecoin have also profited from the rise. According to on-chain analysis IntoTheBlock, there’s a significant growth of the network, with transaction size also increasing due to the rise in DOGE price.
IntoTheBlock reveals that when there’s a change in price of an asset, more background activity in the network is witnessed, similar to what’s happening in the DOGE network. Although exchange inflow is low, increasing transactional activity suggests that traders are moving their funds on exchanges or transferring their memecoin between wallets.
Exchanges may be poised to report a notable flow activity if a significant amount of coins are transferred between wallets, according to IntoTheBlock. The effect of the increasing activity on the network will reflect on the exchange.
Holders Record 70% Profit
As a result of the large transactional volume and price increase, 70% of DOGE holders recorded profits. However, the amount is not high compared to when the 90% DOGE traders recorded profits when the memecoin reached its previous ATH.
IntoTheBlock on-chain data further revealed that whenever the “in profit” amount got close to 90%, correction hits the market considering that a significant portion of traders are amassing profits at the top. This eventually starts a liquidation chain and rapid price fall.
IntoTheBlock pointed out that while the on-chain indicator does look bearish, it doesn’t reflect the recent price action. Social sentiments also indicate that the coin’s ticker is trending and outperforming BTC and ETH based on mentions.
DOGE Hit $0.26 Earlier Today
Earlier today, Elon Musk’s favorite cryptocurrency and the ninth largest crypto rose over 12%, trading at $0.26 at the intra trading market, according to CoinMarketCap. The centibillionaire supported the tweet of one of Dogecoin’s founder Billy Markus, who took a swipe at all the haters of the memecoin and its crypto community, while urging the devs to keep the Dogecoin ‘absurd’.
The Tesla CEO further shook the crypto world when he posted a tweet with a drawing of a Shiba Inu dog traveling to the moon. Last week Saturday, a famous crypto YouTube revealed that Musk’s net worth in the DOGE totalled 861 billion. The Tesla CEO jokingly replied that he hoped that it would be enough to propel human life to mars.
Earlier today, Elon Musk said he would start a colony on Mars using DOGE. This comes after an anonymous whale transferred close to 260 billion SHIB in many lumps, with each one carrying over 80 billion coins.
