Dogecoin (DOGE) Skyrockets 300% in 48 Hours in Key Whale Metric

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As a researcher with a background in blockchain analysis, I find the recent surge in large transactions involving Dogecoin (DOGE) intriguing. Based on data from IntoTheBlock, the number of transactions exceeding $100,000 has nearly tripled over the past two days, representing a significant increase in both volume and value.

Recently, IntoTheBlock’s data analysis has uncovered a significant surge in large Dogecoin (DOGE) transactions. Specifically, there has been almost a threefold increase in the number of transactions valued over $100,000 within the last two days.

Within a span of 48 hours, the quantity of DOGE used in transactions increased dramatically from 6.52 billion DOGE to 17.69 billion DOGE. This equates to a significant surge in value from approximately $1.04 billion to $2.86 billion.

“The metric offers valuable perspectives on the actions of major market participants, including ‘whales,’ regarding Dogecoin. The surge in large-scale transactions implies a heightened level of interest in Dogecoin from these influential figures.”

Dogecoin (DOGE) Skyrockets 300% in 48 Hours in Key Whale Metric

DOGE price pump coming?

As an analyst, I can say that this trend among investors could indicate a growing excitement towards DOGE‘s valuation. They might be expecting a significant price increase for the popular meme cryptocurrency. Major players in the market likely view DOGE as a promising asset for investment or speculation.

Dogecoin (DOGE) Skyrockets 300% in 48 Hours in Key Whale Metric

I’ve analyzed the data and found that the number of DOGE transactions worth over $100,000 has increased to 1,520 from 975 within the past 48 hours. The surge in DOGE transactions signifies growing momentum and acceptance for this cryptocurrency. Expect more market shifts in the coming days as DOGE continues to gain traction.

At present, each Dogecoin token is valued at approximately $0.16. With a market value of around $23.1 billion, Dogecoin ranks as the eighth most valuable digital currency based on CoinMarketCap’s data.

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2024-06-07 17:15