As a seasoned analyst with over a decade of experience in the ever-evolving cryptocurrency landscape, I find myself constantly scouring the market for subtle signs and trends that can provide valuable insights into the future direction of our favorite digital assets. And as October, or as we like to call it in crypto circles, “Uptober,” approaches, my attention is squarely focused on the charts of promising coins like Dogecoin (DOGE).
With October, often referred to as “Uptober” in crypto circles, now here, investors’ gaze is fixed on their preferred cryptocurrency charts. Yet, even with everything seemingly anticipated and factored in, it remains crucial to delve into the behind-the-scenes data, or the on-chain statistics, to truly understand the current state of affairs.
Specifically, keeping an eye on the moves made by the dominant figures in the cryptocurrency market, often referred to as “whales,” is always a valuable practice. A useful tool for deciphering the current level of speculation is the Large Transaction Volume provided by IntoTheBlock.
By examining the well-known meme cryptocurrency Dogecoin (DOGE), it’s evident that large investors or ‘whales’ have been transferring more tokens over the past 24 hours. The number of transactions, each worth at least $100,000, escalated from approximately 4.81 billion DOGE to 7.83 billion DOGE, marking a significant rise of 62.78%. This surge is equivalent to a jump in value from around $612.38 million to $931.55 million when converted to US dollars.
In this instance, the fluctuations in the value of the well-known meme cryptocurrency provide additional understanding about the activities occurring within the blockchain network.
Dogecoin (DOGE) price outlook
In the last 24 hours, Dogecoin’s price has fallen by over 8.1%. This decline occurred during a period when the price was surging following its early September breakout.
The breakout marked the end of over six months of downtrend and could be the long-awaited start of the bull run.
The anticipation for October was particularly high due to the favorable conditions preceding the supposedly bullish month for the cryptocurrency market, often referred to as “Uptober.” Given this ideal setup, it’s not surprising that the activity of whales (large investors) in DOGE has significantly increased. They are not just providing fuel, but are actively engaged in the current crypto market happenings.
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2024-10-01 17:15