Dogecoin Surges with $1 Billion in Large Transactions and 5% Price Increase
Dogecoin has experienced a substantial rise in large transaction volumes, according to data from IntoTheBlock. Over the past 24 hours, Dogecoin recorded a staggering $1 billion in large transaction volumes, coinciding with a 5% increase in its price.
Large transactions typically refer to transfers exceeding $100,000. In this context, the large transaction volume indicator in USD estimates the total dollar amount transferred in such transactions, highlighting the total amount handled by whales and institutional actors on a given day. Significant increases in large transaction volumes indicate high activity among institutional players, whether buying or selling.
Dogecoin’s large transaction volume reached 8.45 billion Dogecoins over the past 24 hours, representing a 37% increase. The price of Dogecoin had been declining over the previous four days, reflecting broader market movements. This downturn period raised concerns among both investors and traders, as they watched the value of their holdings decrease.
However, the market took a turn, and Dogecoin rebounded with a 5% price increase. At the time of writing, DOGE had risen by 4.76% over the past 24 hours to reach $0.1231. This recent upward movement has provided much-needed relief for cryptocurrency holders, reigniting optimism within the crypto community.
Read more Dogecoin: A Beacon of Hope Amid a Bleak Cryptocurrency Market
Several factors may have contributed to this recovery. Market analysts suggest that after a period of selling pressure, buyers may have started to step in. Additionally, the overall sentiment in the cryptocurrency market may be shifting, with investors seeking opportunities to buy at lower prices.
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