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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.
Yuri Molchan
Godfrey Benjamin
Dan Burgin
U.Today Editorial Team
Vladislav Sopov