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Dogecoin (DOGE) has seen a 41% increase in activity in the last 24 hours as DOGE whales sustained their massive transactions trend in the cryptocurrency market. IntoTheBlock data shows these large holders have transacted over 60 billion DOGE within this period.
Whale activity hits seven-day high amid DOGE market uncertainty
Notably, a total of 60.9 billion DOGE were moved by whales as the market saw a boost in trading activity. This volume marks a seven-day high for the canine-themed meme coin. DOGE’s seven-day low figure stands at 12.97 billion DOGE.
The data highlights how whales have performed in the crypto market and suggests a possible shift in price outlook. The sudden surge in the last 24 hours hints at whales positioning themselves for major activity ahead.
The seven-day low figure of 12.97 billion DOGE suggests that these large holders were calmer at the beginning of the week. However, the spike indicates that the whales are now aggressively accumulating or selling their holdings.
Although whale accumulation often precedes price rallies, the Dogecoin ecosystem suggests that a good part of the large volume could have been sold, as the DOGE continues to fall per the current market outlook.
As of press time, DOGE was changing hands at $0.1784, representing a 1.24% decline despite this large transaction trend. This development might have resulted in price dilution and general sentiments, as trading volume has also dropped by 24.08% to $826.67 million.
ETF rumors loom over Dogecoin's future
Interestingly, DOGE kicked off May with a positive growth rate of 3.66%. On-chain data suggests it could prove a bullish month for the meme coin king. If history repeats itself, DOGE could flip $0.20 as the coin has been known to post double-digit growth in May.
Meanwhile, the Dogecoin community continues to await approval for a spot DOGE exchange-traded fund (ETF) from the regulatory body. Top analysts know DOGE might become the first meme coin to gain ETF status.
Vladislav Sopov