$1.1 Billion of Dogecoin in 24 Hours: Here's What's Going On

Dogecoin Sees Whales on the Move

According to IntoTheBlock data, the dog-themed cryptocurrency Dogecoin (DOGE) has recorded a substantial $1.1 billion in large transaction volume, indicating significant whale activity.

Whales Drive Large Transactions

Large transactions, defined as those exceeding $100,000, can provide insights into the buying and selling patterns of whales or institutional investors. In the past 24 hours, Dogecoin has experienced a 29.27% surge in large transaction volume, representing 8.15 billion DOGE in crypto terms.

Network Activity Surges

Coinciding with the spike in large transaction volume, Dogecoin's network activity has also seen a notable increase. IntoTheBlock data shows a significant surge in the number of transactions within the last 24 hours. The number of transactions nearly doubled, rising from 95,390 on July 26 to 196,300 on July 27.

Price Action in Focus

Dogecoin's price action is under scrutiny as it awaits its next major move. At the time of writing, Dogecoin has declined 5.32% in the past 24 hours to $0.13, mirroring the broader market downturn. However, trading volume has increased by 87% to $1.28 billion, reflecting traders' interest in the cryptocurrency.

Bulls and Bears Battle

After a four-day decline, Dogecoin rebounded strongly on July 26, but failed to sustain the momentum due to resistance at $0.1389 on July 27. The cryptocurrency has since retreated and is facing losses.

Support and Resistance Levels

In the event of a recovery, bulls may attempt to push Dogecoin prices above $0.14. Success in this endeavor could lead to a surge towards $0.18, where bears may exert strong selling pressure.

Conversely, a downturn from current levels could potentially find support at $0.12. A dip below this level may intensify selling pressure, potentially sending Dogecoin towards $0.10, where bulls are expected to step in.