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The rally of Dogecoin (DOGE) has received significant support from increased whale activity.
Amidst the market’s recovery from significant volatility last weekend, Dogecoin (DOGE) has risen as one of the top-performing assets. Currently trading at $0.164, the eighth-largest cryptocurrency by market capitalization has extended its monthly gains to nearly 96%.In conjunction with this surge, the number of transactions by Dogecoin whales has reached a new milestone.
Significant Players in Dogecoin Cause a Stir
During the recent surge in market activity, there has been a notable increase in whale activity in Dogecoin, with transactions surpassing $1 million, representing a more than 600% rise in the last month alone.
According to the latest analysis from IntoTheBlock, this surge not only signifies remarkable growth but also represents the highest number of Dogecoin millionaire transactions since the coin’s peak in May 2021, indicating increased involvement from large investors despite fluctuations in the market.
Although the broader market began Friday on a relatively stagnant note, DOGE saw gains of nearly 5% over the past day. This surge can be attributed to several factors. 
Notably, Coinbase Derivatives, the derivatives arm of the American crypto exchange Coinbase, has announced plans to introduce cash-settled futures contracts for Dogecoin, along with Litecoin and Bitcoin Cash, by April 1.
This announcement coincides with another update from X Payments LLC, the financial arm of X (formerly Twitter).
Reports suggest that X Payments has obtained additional licenses to support payment features on the social media platform, which is led by Elon Musk.
Musk, who is famously supportive of DOGE, has previously suggested integrating its blockchain into the platform as far back as 2022.
The Rising Open Interest of Dogecoin
CoinGlass data indicates that as of March 22nd, Dogecoin’s Open Interest (OI) stood at over $1.30 billion. Earlier this month, the OI reached a peak of $1.4 billion while the meme coin was trading well over 70% below its all-time high (ATH) value from the previous bull market. With ongoing bullish momentum, Dogecoin may soon achieve a new ATH.
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