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.
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 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.