As a seasoned crypto investor with a knack for spotting trends and interpreting market signals, I find the recent surge in large transactions of Dogecoin (DOGE) intriguing. The increase in whale activity, as evidenced by the spike in transactions exceeding $100,000, is a clear sign that something significant could be brewing.
Dogecoin (DOGE), the well-known meme-based cryptocurrency, is consistently undergoing intriguing advancements, not just in its price trends, but also within the broader world of digital currencies.
As reported by IntoTheBlock, there’s been a significant increase in transactions involving large-scale investors, often referred to as ‘whales’, over the past 24 hours.
Specifically, there was a significant rise in high-value transactions, with approximately 1,950 transactions exceeding $100,000 and collectively amounting to around $2.65 billion. In other words, the day witnessed the transfer of roughly 21.59 billion Dogecoin (DOGE) in these substantial transactions.
Contrastingly, the previous day saw a significant decrease in large Dogecoin transaction volumes by approximately $900 million, and a drop in transferred DOGE coins amounting to around 6.32 billion.
Whales are buying?
Digging deeper, it can be seen that the nature of these transfers was mainly of a buying nature.
In summary, the number of Dogecoins flowing into wallets holding at least 0.1% more than doubled within the last day, reaching approximately 445.15 million DOGE. Conversely, outflows were slightly less compared to the previous day, totaling about 386.51 million DOGE. This discrepancy resulted in a significant net inflow of nearly 250 million DOGE into the wallets of large Dogecoin holders.
In summary, it appears that whales were participating in the well-known meme cryptocurrencies during the specified timeframe. Furthermore, their behavior within these transactions was generally bullish.
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2024-10-17 16:02