On Tuesday, Dogecoin, a popular meme coin built on the Ethereum blockchain, caused a stir in the global crypto community with a massive whale transaction. This has sparked speculation among crypto enthusiasts, with many closely following the token’s recent price increase.

According to on-chain data from Whale Alert, a whopping 990 million DOGE, worth $79.75 million, was transferred by an unknown wallet. This caught the attention of traders and investors, as it showcased a significant increase in on-chain activity for the token. The transfer was made to another unknown address, further highlighting the heightened trading activity for Dogecoin.

Despite the optimistic sentiments surrounding the whale transaction, the token’s price only saw a marginal increase of 0.43% in the past 24 hours, currently trading at $0.8187. However, its weekly chart displayed a more significant surge of 3.57%, while its monthly chart showed a decline of 13.14%.

Many market watchers are now closely eyeing Dogecoin as it continues to gradually increase in price. With whales displaying heightened trading activity for the token, there is speculation that it may soon reach the $1 mark.

In addition to the Dogecoin frenzy, there have been developments in the stablecoin market as well. TrueUSD has experienced a depegging as whales dump TUSD amid regulatory issues. On the other hand, Morgan Stanley predicts that stablecoins will play a crucial role in backing the USD amidst de-dollarization risks.