$DOGE has seen a sharp vertical surge this month, fuelled by a broad cryptocurrency rally. The coin broke through the $0.40 barrier, returning to levels not seen since 2021 after a nearly 50% jump in a single day. The strong performance has seen Dogecoin climb to sixth place in the cryptocurrency rankings, reflecting a new wave of interest from retail investors. Dogecoin is now trading at $0.408 per coin, up 41% (the rally has been capped as the coin surged 50% earlier today) and is up 145% on a weekly basis. Increase in transactions and growth in small walletsAccording to an analysis by IntoTheBlock, Dogecoin saw over 6 million transactions over the past week, its highest level since February, indicating a gradual return of retail investment interest. Santiment data also showed that
The number of new wallets holding less than 100,000 Dogecoin has increased significantly, with around 74,885 new wallets added in the past four weeks. This increase shows a growing pattern of Dogecoin trading by small investors, perhaps thanks to the recent rally in the coin’s price. However, despite the rise in the number of small wallets, the large wallets held by “whales” and “sharks,” whose owners are often seen as influential in moving prices, have seen a declined.