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Almost 10 Billion Dogecoin (DOGE) in 24 Hours: What's Happening?

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Thu, 13/06/2024 - 14:53
Almost 10 Billion Dogecoin (DOGE) in 24 Hours: What's Happening?
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Dogecoin continues to capture significant attention on the cryptocurrency market. This time, it is thanks to the growth of such on-chain value as whale-tier transactions and others, as 10 billion DOGE being transacted in a 24-hour period suggests. Let's break down data from current indicators.

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A total of 1.5 thousand transactions were made with Dogecoin in the last 24 hours. While on June 7, 2024, there were 1.89 thousand transactions, and on June 9, 2024, there were only 1.18 thousand transactions. Dogecoin transactions are gaining interest and participation, as evidenced by this high level of activity. The market as a whole is changing at the same time as the peak on June 7, possibly due to significant news or investor activity.

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Source: IntoTheBlock

A total of 9.29 billion DOGE transactions were made in the last 24 hours. The seven-day high of 27.78 billion DOGE on June 7, 2024, and the seven-day low of 6,84 billion DOGE on June 9, 2024, are different from this number. The robust market dynamics are shown by the substantial volume. The critical drop from the seven-day high probably shows benefit taking or rearrangement among wallets, reflecting regular market cycles.

Notable was also the large volume of USD transactions. In the past 24 hours, $1.33 billion worth of DOGE was associated with enormous exchanges. On June 7, 2024, the seven-day high for major transactions was $4.2 billion, while the seven-day low was $1.01 billion on June 9, 2024.

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These high level exchanges imply that large players are actively exchanging DOGE, adding to liquidity and market depth. The peak on June 7 further emphasizes a period of intense trading, likely fueled by strategic moves from large institutions, or investors.

Examining these patterns, obviously Dogecoin remains in a dynamic exchanging climate, without facing a stalemate. Both retail and institutional investors are active, as shown by the net high volume and significant size of their transactions. The market is both cautious and active, ready to react quickly to new information, as evidenced by the balanced sentiment.

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