Dogecoin’s Value Increased by Nearly 10%

27.06.2022 16:57
by Maksym Prykhodko
2 min read

Over the past day, Dogecoin’s (DOGE) value rose by 9%. According to CoinMarketCap, DOGE’s current price is $0.77.

With a market capitalization of $10.2 billion, DOGE is the world’s tenth-largest cryptocurrency. Its trading volume as well has surged across major cryptocurrency exchanges. It amounted to around $1.1 billion in the past 24 hours, which is a 148% increase since the previous trading day.

Several factors have caused the DOGE value to surge. According to data from IntoTheBlock, there were 943 large Dogecoin transactions (transactions worth more than $100 million) on Sunday. This is almost twice as many since the previous day, when 505 transactions were made.

The total miner reserve is 6.16 billion DOGE, which means that it is 32% down year-to-date. Miner reserve refers to the amount of coins in miners’ wallets that haven’t been sold yet. The decreased percentage indicates that miners are cashing in on their revenue.

Finally, the number of long-term holders has been steadily increasing. Almost 2.57 million users have held DOGE for more than a year. This is a 40% increase year-to-date. Moreover, the number of short-term holders (users who hold for less than a month) has shrunk to roughly 150,000. This is a substantial decrease from nearly 876,000 such holders last year.

However, DOGE is still down 89% from its all-time high value of $0.73, back in May 2021.

Author

  • Maksym has denied the existence of crypto as an asset for 3 years when he was working with standard financial instruments. Became Head of Treasury. Won the best bank employee award and left the bank for cryptocurrency exchange the next day. Got a second university degree, but that didn’t stop him from studying finance yet. Combines fiat and crypto experience to be as objective as possible in general matters. His dream is to be interviewed by Bloomberg.

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