Massive $1.17 Billion DOGE Seen in 24 Hours, But Key Metric Drops

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As a seasoned crypto investor with a knack for deciphering market trends, I find myself intrigued by the recent developments surrounding Dogecoin (DOGE). The $1.17 billion in large transaction volume over the past 24 hours, while impressive, is a 7.54% decline from the previous day – a concerning trend indeed.

Over the past 24 hours, large transactions involving Dogecoin (DOGE) amounted to approximately $1.17 billion, based on IntoTheBlock data. This equates to around 8.33 billion DOGE in cryptocurrency terms. However, it’s worth noting that this substantial volume represents a decrease of 7.54% compared to the day before, suggesting a potential downward trend for Dogecoin.

In the last seven days, Dogecoin’s large transaction volume has been on a downward trajectory.

On October 21st, there was a peak in significant Dogecoin transactions amounting to 12.87 billion DOGE. However, this increase was brief as the transaction volume started decreasing almost immediately. Taking a wider view, the decrease in volume began on October 16th, when the large transaction volume of Dogecoin reached its highest at 21.59 billion DOGE after the cryptocurrency spiked to $0.1499 following a substantial price increase.

Following profit-taking, Dogecoin’s price dipped as low as $0.132 on October 23, but it has since regained some ground and is currently moving within a stable range of $0.136 to $0.143 over the last two days. At present, Dogecoin is experiencing a decrease of 2.15% in the past 24 hours, trading at $0.136.

Whale activity metric declines

As stated by IntoTheBlock, a large transaction is one that exceeds $100,000. The Large Transactions Volume indicator calculates the overall sum of cryptocurrencies being transferred in these substantial transactions.

Daily Whale and Institutional Activity indicates the overall value of transactions carried out by large-scale investors (whales) and institutions on a given day. A surge in Daily Whale and Institutional Activity suggests increased activity among these investors, which could be either buying or selling, whereas a decrease implies reduced activity.

A decrease in the number of significant transactions might imply less activity from ‘whales’ (large investors or holders), potentially due to a broader reduction in overall market enthusiasm. This is supported by low price activity, another indicator of general interest. Large transactions are often considered indicators of major market fluctuations, which are typically instigated by institutional investors or big holders.

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2024-10-25 18:57