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An analysis of data provided by IntoTheBlock has revealed a sharp spike in large transactions involving Dogecoin (DOGE), the largest and most popular meme cryptocurrency. For instance, the number of transactions, each exceeding $100,000, has nearly tripled in the past two days.
Thus, the volume of DOGE involved in such transactions rose from 6.52 billion DOGE to 17.69 billion DOGE in just 48 hours. In terms of dollars, this represents a jump from $1.04 billion to $2.86 billion.
Mushumir Butt
The metric provides valuable insights into the activities of institutional players and “whales” on the market. The increase in large transaction volume indicates growing interest in Dogecoin from influential whales.
DOGE price pump coming?
It may also hint at the growing enthusiasm of these investors toward the valuation of DOGE, who may be anticipating a surge in the price of the popular meme cryptocurrency. It is likely that major players recognize DOGE as a potentially lucrative asset for investment or speculative purposes.
The total number of DOGE transactions exceeding the equivalent of $100,000 currently stands at 1,520, up from 975 transactions recorded just 48 hours earlier. As DOGE continues to gain momentum and acceptance, the coming days are likely to see further changes in market dynamics.
Gamza KhanzadaevCurrently, Dogecoin is priced at $0.16 per token, giving it a total market capitalization of $23.1 billion and making the meme cryptocurrency the eighth largest digital asset, according to CoinMarketCap.
Alex Dovbnya
Arman Shirinyan
