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A festival of whale on-chain activity continues for popular meme cryptocurrency Dogecoin (DOGE) as, according to data from IntoTheBlock, its key metric - volume of large transactions - reached over $812 million in the last 24 hours. Moreover, this figure is 83.53% higher than the day before and 113.6% higher than the day before that.
Digging deeper, it turns out that the amount of DOGE transacted by whales totaled 8.1 billion coins, an increase of 74.56% over the last 24 hours.
Gamza Khanzadaev
Large transactions are those that are no less than $100,000, and there were 898 of them in the period under review. Taking this into account, the average whale transaction on DOGE was 9,020,044 coins, or $905,178.17. This means that, on average, a whale transaction was nine times more than the minimum required.
What's attracting whales to DOGE right now?
To answer this question, it is necessary to take a look at the price chart of the major meme cryptocurrency. Apart from the fact that since the beginning of the week DOGE quotes have risen by 6.5%, one can notice how a giant falling wedge pattern is forming on the chart.
As previously described by U.Today, this pattern, if confirmed, could result in a more than 50% spike for the DOGE price, taking it as high as $0.15 per meme coin.
Alex Dovbnya
With bullish whale activity and a no less bullish pattern forming on the price chart of the popular meme cryptocurrency, the future looks bright for Dogecoin, but only time will tell.
Tomiwabold Olajide