DOGE, the tenth-largest cryptocurrency with a market capitalization of $10.2 billion, is now well ahead of (DOT).
There has been a sharp rise in the coin's trading volume across major cryptocurrency exchanges too. The cryptocurrency's trading volume hovers around $1.1 billion over the past 24 hours, up 148% from the previous trading day.
Despite today's double-digit rise, DOGE is still down 89% from its all-time high of $0.73 recorded in May 2021.
What's driving DOGE?
The primary reasons behind today's bullish action include increased larger-valued transactions, reduced miner reserves, and steadily increasing long-term holders.
On Sunday, a total of 943 large Dogecoin transactions (transactions worth more than $100 million), up from 505 transactions recorded the previous day indicates data from IntoTheBlock.
Elsewhere, the total miner reserve is at 6.16 billion DOGE, a figure down 32% year-to-date to levels last seen in December 2013, according to data from IntoTheBlock.
Miner reserve is a metric that refers to the total coins held in miner-affiliated wallets which haven't been sold yet. Decreasing miner reserves indicates that these entities have already cashed in their mining revenue.
Nearly 2.57 million addresses have been holding Dogecoin for more than one year, up more than 40% year-to-date, according to data from IntoTheBlock.
Also, short-term holders (people who hold for less than one month) have fallen to roughly 150,000 after peaking at nearly 876,000 last year.
Meanwhile, the largest cryptocurrency on the market, (BTC), is down 0.47% over the past 24 hours and currently trades at around $21,347.
(ETH) is up 1.16% over the past 24 hours and currently changing hands at $1,227.
The entire crypto market has slipped below a market capitalization of $1 trillion after nearly reaching $3 trillion in November 2021.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.