The largest dog-themed cryptocurrency by market capitalization, Dogecoin, experienced a massive wave of large transactions, reaching over $5 billion in the past day, suggesting activity by institutional players.
The largest dog-themed cryptocurrency by market capitalization, Dogecoin, experienced a massive wave of large transactions, reaching over $5 billion in the past day, suggesting activity by institutional players.
The rise in large transactions coincides with a drop in the price of Dogecoin, which has fallen along with the rest of the crypto market.
U.S. stocks and cryptocurrencies plunged as another strong inflation report reinforced bets that the Federal Reserve will be in no rush to cut interest rates, even as some sectors of the economy show signs of slowing. Bitcoin fell to lows near $65,565 before recovering slightly.
Dogecoin also fell, reversing a jump from the previous day, following comments from Dogecoin fan and Tesla CEO Elon Musk.
During a recent On a visit to a Tesla plant near Berlin, Musk was asked if Tesla would accept the asset as payment for the vehicles. In a widely shared video on X, Musk said it was something he would like the electric car giant to do.
Yesterday, Dogecoin price jumped to a high of $0.206 following Musk’s comments before reversing in today’s trading. At the time of writing, DOGE was down 8% in the last 24 hours to $0.164.
Dogecoin ranks as the ninth largest digital asset by market cap, with a valuation of $23.54 billion, per CoinMarketCap data
Large Dogecoin transaction volume soars 92.81%
The volume of large Dogecoin transactions, which refers to those greater than $100,000, has skyrocketed by 92.81% in the last 24 hours to a value of $5.29 billion, per In the block data.
Large trading volume estimates the total amount traded by whales and institutional players on a given day. Spikes in large transaction volumes point to high activity among institutional players, whether buying or selling.
In this sense, Whale Alert detected a transfer of 86 million DOGE, in which $14,123,854 of Dogecoin was transferred from an unknown wallet to Robinhood.
