An analysis of data provided by IntoTheBlock has revealed a sharp increase in large transactions involving Dogecoin (DOGE), the largest and most popular meme cryptocurrency. For example, the number of transactions, each of which exceeds $100,000, has almost tripled in the last two days.
An analysis of data provided by IntoTheBlock has revealed a sharp increase in large transactions involving Dogecoin (DOGE), the largest and most popular meme cryptocurrency. For example, the number of transactions, each of which exceeds $100,000, has almost tripled in the last two days.
Thus, the volume of DOGE involved in such transactions increased from 6.52 billion DOGE to 17.69 billion DOGE in just 48 hours. In dollar terms, this represents a jump from $1.04 billion to $2.86 billion.
Mushumir to the fullest
The metric provides valuable information about the activities of institutional players and “whales” in the market. The increase in large transaction volume indicates growing interest in Dogecoin from influential whales.
DOGE price bomb coming?
It may also indicate the growing enthusiasm of these investors for DOGE’s valuation, who may be anticipating an increase in the price of the popular meme cryptocurrency. Major players are likely to recognize DOGE as a potentially lucrative asset for investment or speculative purposes.
The total number of DOGE transactions exceeding the equivalent of $100,000 currently stands at 1,520, up from 975 transactions recorded just 48 hours earlier. As DOGE continues to gain momentum and acceptance, further changes in market dynamics are likely to occur in the coming days.
Gamza KhanzadaevDogecoin is currently priced at $0.16 per token, giving it a total market capitalization of $23.1 billion and making the meme cryptocurrency the eighth-largest digital asset, according to CoinMarketCap.
