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Dog-themed cryptocurrency Dogecoin (DOGE) has seen $1.17 billion in large transaction volume over the past 24 hours, according to IntoTheBlock data. This represents 8.33 billion DOGE in crypto terms. This figure, though significant, represents a 7.54% decline from the previous day, highlighting a concerning trend for the cryptocurrency.
In the last seven days, Dogecoin's large transaction volume has been on a downward trajectory.
On Oct. 21, Dogecoin saw a high of 12.87 billion DOGE in large transactions. This spike was short-lived, as the volume began to decline shortly after. Looking at the broader picture, the decline started on Oct. 16, when the large transaction volume peaked at 21.59 billion DOGE after Dogecoin soared to highs of $0.1499 following a major price surge.
Tomiwabold OlajideDogecoin's price saw profit-taking subsequently, reaching lows of $0.132 on Oct. 23 before rebounding. Since this action, the Dogecoin price has fluctuated in a steady range between $0.136 and $0.143 in the last two days.
At the time of writing, Dogecoin was down 2.15% in the last 24 hours to $0.136.
Whale activity metric declines
According to IntoTheBlock, large transactions are those that move more than $100,000; the Large Transactions Volume indicator measures the total amount of cryptocurrency transmitted in such transactions.
Large Transaction Volume estimates the total amount transacted by whales and institutional participants on a particular day. Spikes in Large Transaction Volume imply considerable activity among institutional participants, whether buying or selling, whereas declines indicate the opposite.
The drop in large transaction volume could suggest a decrease in whale activity amid a broader decline in market interest, as evidenced by low price activity. Large transactions are frequently seen as indicators of major market movements, which are usually driven by institutional investors or large holders.
Alex Dovbnya
Vladislav Sopov
Dan Burgin