Dogecoin has seen a massive transaction volume of 1.4 billion DOGE in just 24 hours, indicating that the major players, or “whales,” are significantly influencing the market. This volume, represented in large transactions, could be a sign of a potentially critical moment for the meme-based market. cryptocurrency.
Dogecoin has seen a massive transaction volume of 1.4 billion DOGE in just 24 hours, indicating that the major players, or “whales,” are significantly influencing the market. This volume, represented in large transactions, could be a sign of a potentially critical moment for the meme-based market. cryptocurrency.
The sheer volume of large dollar transactions highlights that the significant flow of capital into and out of Dogecoin is currently on the rise. When whales move such significant amounts of money, it often precedes volatility, as their actions can significantly affect the market.
In addition to dollar volume, the actual number of large transactions has also skyrocketed. This metric is crucial because it shows not only the size but also the frequency of major trades. A greater number of large transactions usually indicates greater interest from large investors, which can lead to greater liquidity and sometimes greater stability in the price of a cryptocurrency, depending on the nature of the transactions ( purchase or sale orders).
Large transaction volume relates to the actual amount of Dogecoin being transferred in these large transactions. These spikes are indicative that whales are consolidating their positions by acquiring more DOGE or dumping large amounts, possibly to make profits or redistribute their investments.
Dogecoin is currently trading around the 50-day exponential moving average (EMA), a critical technical threshold. After pulling back from a local high of $0.16 to $0.15, attention is now focused on the 100 day EMA. However, this level may not be strong support as it has not been tested recently, making its reliability uncertain.
The possible move towards the 200-day MA at $0.12 could be on the horizon, especially if whale activity continues. Such moves by large holders can create waves across the trading landscape, impacting not only the price but also trader sentiment and market momentum.
