Dogecoin Jumps Over 5% as Whales Accumulate $108M in DOGE

Dogecoin (DOGE) experienced a price jump of over 5% as whales accumulated approximately $108 million worth of the cryptocurrency. 

#Dogecoin whales bought over 1 billion $DOGE in the last 24 hours, totaling roughly $108.7 million! pic.twitter.com/2aSevCd7Lm

— Ali (@ali_charts) October 4, 2024

According to market analyst Ali Martinez on X, major DOGE holders have acquired one billion DOGE within the past 24 hours, highlighting increased interest from large-scale investors.

Martinez’s observations reveal that the total value of DOGE acquired by these whales exceeds $108 million over the past day. These investors took advantage of the recent price decline, viewing it as an opportunity to expand their holdings.

DOGE Gains Over 5%

Despite the bearish sentiment across the broader cryptocurrency market, the renewed interest in Dogecoin is noteworthy. The digital asset space has been under pressure since October, largely due to rising geopolitical uncertainties in the Middle East, which have negatively impacted the global financial landscape.

However, the trend seems to be reversing. DOGE has gained over 5% in the last 24 hours, pushing its price to $0.1086 as of writing. The upward momentum is partially attributed to the influence of whale activity.

Dogecoin Expands Into Smart Contracts

The recent surge in DOGE’s value comes roughly eight days after a significant development announcement for the Dogecoin ecosystem. 

Blockchain developers QED Protocol and Nexus disclosed plans to introduce a layer-2 (L2) scaling solution designed to support smart contracts on the Dogecoin network, according to a statement released on September 26.

QED Protocol is proud to partner with Nexus Laboratories to bring zk technology to Dogecoin!

(1/5) pic.twitter.com/28LzGT9DJm

— QED Protocol (@QEDProtocol) September 26, 2024

The upcoming L2 solution, a zero-knowledge virtual machine (zkVM), is intended to enable Dogecoin to compete with established smart contract networks like Ethereum and Solana. 

According to the release, the zkVM aims to provide developers with the necessary tools to create a diverse range of high-performance applications, spanning from decentralized exchanges (DEXs) to NFTs.

QED Protocol founder Carter Feldman shared his enthusiasm about the partnership, highlighting the collaboration with Daniel Marin, Jens Groth, and the team at Nexus. He emphasized that this project is a step towards the shared community objective to “Make Doge Even Greater” (MDEG).

DOGE currently has a market capitalization of approximately $15 billion, according to CoinMarketCap data.