Billy Markus, the creator of Dogecoin, pointed out that the number of on-chain transactions of DOGE rose sharply in 24 hours with a metric he shared.

Markus drew attention to the huge increase in the number of on-chain transactions of Dogecoin, as the number of transactions reached approximately 70,000 transactions. The rise in the number of transactions in DOGE was triggered by the surprise recovery in the cryptocurrency markets. Bitcoin, the largest cryptocurrency, and Ethereum, the second largest, rose 6 percent and 11 percent, respectively, in the weekend session.

The dog-themed coin Dogecoin rose about 5 percent in the weekend session, relatively less than the rest of the cryptocurrency markets. The increased activity of whales is cited as the potential reason behind the increase in the number of transactions on the Dogecoin network. With markets showing signs of recovery, whales appear to be transferring more DOGE ahead of a potential rally. On the other hand, Dogecoin has formed a higher bottom with its price action for the first time in the last five months. Market analysts state that this could be a sign of a potential reversal for the DOGE price.

Doge

This increase could be a sign of impending selling pressure, as the massive increase in the number of transactions on the network may also indicate that whales are starting to move their funds from their cold wallets to their exchange wallets. In this case, Dogecoin's minor rally could end instantly as there is not enough volume to cause another spike in possible selling pressure. Dogecoin has been in a sharp downtrend for more than a year after hitting an all-time high in May 2021.

Dogecoin price was recorded as $0.0665 at the time of writing, while DOGE's 24-hour trading volume was $348,923,313. DOGE price has increased by 3.9% in the last 24 hours.