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Dogecoin Large Transactions Increase by 10% Amid Market Dip

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Thu, 12/02/2021 - 15:02
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Tomiwabold Olajide
Dogecoin large transactions increase by 10%, as per on-chain metrics by IntoTheBlock
Dogecoin Large Transactions Increase by 10% Amid Market Dip
Cover image via stock.adobe.com

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Dogecoin's large transactions have increased by 10% in the past 24 hours, according to on-chain metrics from IntoTheBlock crypto analytics. The cryptocurrency market is experiencing a dip at the moment as Bitcoin and the majority of tokens record slight losses.

Charts

Courtesy: IntoTheBlock-Charts

Large transactions track transfers that are $100,000 or more, and an increase in these metrics serve as a proxy for whales and institutions. It also provides insight into their potential investments.

Doge Chart

DOGE Large Transaction Chart, Courtesy: IntoTheBlock

Dogecoin transactions are on the rise as Binance fully opens withdrawals of Dogecoin after the technical glitch that spurred a heated back and forth between Elon Musk and the Binance CEO.

Users of the world’s largest cryptocurrency exchange, Binance, had suffered inconveniences when Dogecoin withdrawals were interrupted on Nov. 27, 2021.

Dogecoin, the meme coin created as a joke in 2013, presently ranks as the 10th largest and is marginally up in the last 24 hours. Dogecoin has gained nearly 6,300% in the past year, according to CoinGecko. The global cryptocurrency market cap was down 1.5% at $2.74 trillion as of press time.

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About the author

Tomiwabold is a cryptocurrency analyst, technical analyst and experienced fund manager. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.