Over the past 24 hours, the value of Dogecoin (DOGE) has skyrocketed by over 27%. The DOGE rate on Tuesday, April 4, rose to $0.098. Its capitalization exceeds $13.725 billion.
Dogecoin climbed to seventh place in the ranking of the largest digital currencies, pushing Cardano (ADA) to eighth place, whose capitalization decreased to $13.69 billion.
Over the past few weeks, DOGE has been trading in a tight range. Interest in him intensified last Monday.
The surge in activity of traders was once again provoked by Elon Musk. He ditched the Twitter logo and replaced it with a DOGE image, which led to an explosion on social media.
In the Dogecoin network, against the background of the strengthening of the altcoin, large investors became more active. According to WhaleAlert, 650,000,000 DOGE worth over $65.559 million and 300,000,000 DOGE worth $27.687 million have been reallocated to whale wallets.
Analysts do not exclude that large cryptocurrency holders took advantage of its breakthrough and sold some of the coins.
However, the growth of DOGE continues, since the beginning of the year, the yield of the altcoin has exceeded 40%. Thus, Dogecoin caught up in performance with Shiba Inu, which also soared by about 40% in 2023.
According to IntoTheBlock, 67% of DOGE investors are now in profit. As a result of the cryptocurrency jump, the number of unprofitable addresses was sharply reduced (24%).
