The largest dog-themed cryptocurrency by market capitalization, Dogecoin, saw a massive wave in large transactions, hitting over $5 billion in the past day, suggesting activity by institutional players.
The surge in large transactions coincides with a drop in the Dogecoin price, which is down alongside the rest of the crypto market.
U.S. equities and cryptocurrencies slumped as another strong inflation report bolstered betting that the Federal Reserve will not be in a hurry to cut interest rates, even as some sectors of the economy show symptoms of slowing. Bitcoin fell to lows near $65,565 before slightly recovering.
Dogecoin also fell, reversing a jump from the prior day, following comments by Dogecoin fan and Tesla CEO Elon Musk.
During a recent visit to a Tesla plant near Berlin, Musk was asked if Tesla would accept the asset as payment for vehicles. In a video widely shared on X, Musk said that it was something he would like the electric car giant to do.
Yesterday, Dogecoin’s price jumped to a high of $0.206 on Musk’s comments before reversing in today's trading. At the time of writing, DOGE was down 8% in the last 24 hours to $0.164.
Dogecoin ranks as the ninth biggest digital asset by market cap, with a valuation of $23.54 billion, per CoinMarketCap data
Dogecoin's large transaction volume skyrockets by 92.81%
The volume of Dogecoin large transactions, which refers to those greater than $100,000, has soared 92.81% in the last 24 hours to a worth of $5.29 billion, per IntoTheBlock data.
Large Transaction Volume estimates the total amount transacted by whales and institutional players on a given day. Spikes in large transaction volumes point to high activity among institutional players, either buying or selling.
In this regard, an 86 million DOGE transfer was spotted by Whale Alert, which saw $14,123,854 of Dogecoin transferred from an unknown wallet to Robinhood.