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Dogecoin (DOGE) has experienced a remarkable surge in network activity, coinciding with a 14% price increase.
At the time of writing, DOGE was up 14% in the last 24 hours to $0.095. Within this time frame, large transaction volumes, according to IntoTheBlock data, have skyrocketed by 119%, reaching an impressive 16.5 billion DOGE. Large Transaction Volume provides an estimate of the total amount transacted by whales and institutional players on a given day.
Spikes in Large Transaction Volume indicate increased activity among institutional players, either buying or selling.
Additionally, total fees on the Dogecoin network as reported by the same on-chain source have seen a notable increase. Fees increased from 20,340 DOGE to 28,470 DOGE, reflecting increasing demand for network transactions.
Total fees are often indicative of levels of activity. Typically, when fees rise, it indicates that a large number of users want to transact in relation to a blockchain's throughput. As demand grows, users are willing to pay higher fees to complete their transactions.
Tomiwabold OlajideThe number of active addresses has also increased, rising from 40,420 to 51,320 in the last 24 hours. This growth in active addresses suggests a broader participation in the Dogecoin network, with more users engaging in transactions and other activities.
Dogecoin price jumps 14%
On Tuesday, cryptocurrencies recovered some of the previous day’s losses as the markets broadly bounced.
Cryptocurrencies fell on Monday amid a global market sell-off triggered by recession fears. These moves reflect a broader market sell-off that began last week when a weaker-than-expected July jobs report fueled investor concerns about a recession.
Dogecoin sharply plunged, reaching lows of $0.08, last seen in February this year. Dogecoin consequently marked a 10-day losing streak after reaching a high of $0.1388 on July 27.
On the upside, a decisive break above the daily moving averages 50 and 200 might allow Dogecoin to escape the current consolidation range it had been since mid-April. In the meantime, consolidation appears more likely as Dogecoin bulls regain strength to make the next major advance.
Arman Shirinyan
Alex Dovbnya