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According to IntoTheBlock data, dog-themed cryptocurrency Dogecoin (DOGE) is reporting a staggering $1.1 billion in large transaction volume, indicative of whale activity.
Large transactions refer to those above $100,000, and the volume of these transactions might suggest how much was transacted by whales or institutional players on a specific day.
In the last 24 hours, Dogecoin has seen a 29.27% surge in large transaction volume, amounting to 8.15 billion DOGE in crypto terms. Typically, a surge in large transaction volumes coincides with active buying or selling by whales or large holders.
The spike in large transaction volume coincides with a jump in activity on the Dogecoin network. According to IntoTheBlock data, Dogecoin is seeing a noticeable spike in the number of transactions in the last 24 hours.
The number of transactions surged nearly 100% within this time frame, rising from 95,390 on July 26 to 196,300 on July 27.
Dogecoin price action
Eyes are on the Dogecoin price as it awaits its next major move. At the time of writing, Dogecoin had fallen 5.32% in the previous 24 hours to $0.13, matching the general market decrease. Dogecoin trading volume is up 87% in the last 24 hours to $1.28 billion as traders pile in and out of Dogecoin.
After declining for four days in a row, Dogecoin posted a strong rebound on July 26, although bulls were unable to sustain the move as Dogecoin encountered resistance at highs of $0.1389 on July 27.
Dogecoin subsequently retreated and is sustaining losses, on track to mark the second day of declines if today closes in red.
In the event of a rebound, bulls may attempt to push Dogecoin prices above $0.14. If they succeed, Dogecoin might surge above $0.18, where bulls might meet strong selling from bears.
On the other hand, if the Dogecoin price turns down from current levels, the $0.12 level is envisaged as support. A dip below this level might increase selling and send Dogecoin to $0.10, where bulls are anticipated to intervene.
Arman Shirinyan
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