Data shows Dogecoin has seen a major boost in its on-chain metrics recently, something that may be bullish for the meme coin’s price.
Dogecoin Whale Transactions And Active Addresses Have Surged Recently
According to data from the on-chain analytics firm Santiment, a couple of DOGE on-chain metrics are at two-month highs right now. The relevant indicators here are the whale transaction count and the daily active addresses.
The “whale transaction count” measures the total number of Dogecoin transfers taking place on the blockchain that is worth at least $ 100,000 in value. When the value of this metric is high, it means whales are actively trading the asset right now.