Dogecoin Wows With 14% Gain: 'King Of Memes Still Feels Like A Mispricing,' Crypto VC Says

Dogecoin DOGE/USD has surged 14% surge over the past 24 hours, fueled by large whale transactions and bullish market sentiment.

What Happened: Per CoinGecko data, Dogecoin is currently trading at $0.116, a level not seen since 2022.

IntoTheBlock data shows transactions greater than $100,000 increased from 252 transactions on Feb. 26 to 683 transactions on Feb.27.

Whale Alert data detected the transfer of 80 million DOGE, valued at $7.9 million, from an unknown wallet to the cryptocurrency exchange Binance. In another whale transaction, 66 million DOGE, worth $7.2 million, was transferred from an unknown wallet to Binance.

The added liquidity may signal increased interest in trading Dogecoin.

Coinglass data reveals a 29.6% surge in open interest to $931 million. Open interest represents the total number of outstanding derivatives contracts, such as futures or options, that have not been settled.

Analysis of DOGE derivatives indicates a 125.6% increase in trading volumes.

Also Read: Dogecoin Barks Back With 10% Rally, Trumps 'Dogecoin Killer' Shiba Inu, Pepe, Bonk In Social Activity

Why It Matters: The price movement closely follows the Intuitive Machines Odysseus lunar mission becoming the first American spacecraft to land on the moon since Apollo 17 in 1972 on Feb. 23. The lander was powered by a Space X rocket, although the landing had no direct connection to Dogecoin itself.

Crypto trader Max stated on X that Dogecoin is the easiest "10x" right now.

Crypto venture capitalist Andrew Kang wondered why Dogecoin is "only up 2x" from its bottom, compared to Bitcoin's more significant move. He went on to speculate about a much bigger move incoming:

$DOGE only up 2x from bottom while $BTC is about to break ATHs and retail coming back to crash the coinbase app feels like a mispricing https://t.co/bvFlYMUiL1

— Andrew Kang (@Rewkang) February 28, 2024

Amid the broader crypto market rally and increased investor attention on memecoins, established coins like Dogecoin are beginning to  take the spotlight from newer rivals like Dogwifhat.

Read Next: Dogecoin, Shiba Inu, Floki Surge, Pushing Meme Coin Market Cap To $26.5B: 'FOMO Toward Assets Like These Are Caution Flags,' Santiment Warns

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