On February 1, Dogecoin (DOGE) jumped to a rate of $0.097, which it has not seen since early December 2022. The digital asset's capitalisation increased by 11% to $12.906bn in one day and by almost 10% in one week. The altcoin is likely to have peaked, as whale wallets become more active when coins reach the bottom or the top.
WhaleAlert signalled that these whales were ready to start selling: data showed that 450 million DOGE worth over $40 million had been sent to Binance, while another wallet from the top 20 transferred 61,918,730 coins worth $5.74 million to that exchange platform as well. This could affect DOGE's ability to break the $0.1 mark if they proceed with their selling plan.
Data from the CoinGlass website showed that open interest in DOGE futures was on the rise, rising to $469m on 31 January, the highest level since November 2022 - Binance ($258m), ByBit ($93m) and OKX ($78m).