DOGE Surges 9% Alongside Its Trading Volume: Price Analysis

DOGE surges 9% alongside its trading volume and became one of the biggest gainers on the market on Monday so let’s read more in today’s Dogecoin news.

DOGE surges 9% alongside its tradign volume and now it is trading at $0.077 as per the data from Coinmarketcap.
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DOGE is the tenth biggest crypto with a market cap of $10.2 billion ahead of Polkadot. There has been an increase in the coin trading volume on major exchanges and the tradign volume now hovers around $1.1 billion and up by 148% from the previous trading day. Despite the double-digit gains, DOGE is still down 89% of its ATH of $0.73 recorded in May 2021.

The main reasons behind today’s bullish actions include the bigger valued transactions and the reduced miner reserves which increased the long-term holders steadily. A few days ago, a total of 943 large DOGE transactions up from 505 transactions were recorded as per the data from IntoTheBloc. The total miner reserve is at 6.16 billion DOGE which is a figure down 32% from year-to-date levels that were last seen in December 2013. the miner reserve is a metric that refers to the total coins held in miner-related wallets which haven’t been sold yet. The decreasing miner reserves indicate that the entities already cashed in their mining revenue.

Up to 2.57 million addresses were holding DOGe for more than a year now or up by 40% YTD as per the data from IntoTheBlock. The short-term holders fell to 150,000 after peaking at 876,000 last year. In the meantime, the biggest crypto on the market BTC is down 0.47% in the past day and trades near to $21,347. Ethereum is up by 1.16% in the past day and it is trading at $1,227. the entire crypto market cap slipped below $1 trillion after hitting $3 trillion back in 2021.

As recently reported, Dogecoin is connected to illicit activity including Ponzi schemes, child sex abuse material, financing of terrorism, and more according to reports by Elliptic. The meme coin enjoyed the growing popularity as a method of payment but aside from the legitimate causes, it caught the attention of bad actors with DOGE worth millions being related to illicit activity. Pointing to the increasing adoption of DOGE for Terrorism financing, the report cited a July 2021 seizure order that is conducted by Israel’s National Burau for Counter Terror Financing against addresses that were believed to be related to the militant group Hamas or used on other terrorism-related activity.