6.52 Billion Dogecoin (DOGE) in 24 Hours Reaches Weekly High

Dogecoin Gains Momentum

Cover image via U.Today

Dogecoin has experienced significant growth in recent times, with substantial whale-tier transactions contributing to the surge. In the past 24 hours alone, 6.52 billion DOGE have been transacted.

Price-wise, Dogecoin is exhibiting an upward trajectory, but it faces a key resistance level at $0.174. If this barrier is breached, it could lead to higher price targets and further confirmation of a bullish trend.

Daily chart analysis shows Dogecoin hovering around $0.163 against Tether (USDT), indicating a gradual rise from previous lows. Moving averages (50 and 100) are approaching the current price, potentially providing support.

Data from IntoTheBlock reveals a significant increase in major transactions. Large transaction volume has fluctuated over the past week, reaching a peak of 1,046 on May 29, 2024. While a dip to 718 transactions occurred on June 2, 2024, it rebounded to 975 transactions. This suggests growing interest from major market players.

The volume of these large transactions is equally impressive. In the past day alone, it reached 6.52 billion DOGE. On May 29, 2024, it peaked at 8.65 billion DOGE, while June 2, 2024, witnessed a low of 4.06 billion DOGE. This increase in transaction volume could indicate a phase of accumulation by large holders, which often precedes notable price movements.

In terms of USD value, the highest volume over the past 24 hours was $1.04 billion, with a weekly peak of $1.44 billion on May 29, 2024. The lowest recorded volume was $726.24 million on June 2, 2024.

As Dogecoin encounters resistance at $0.174, it requires sustained purchasing pressure and optimism to overcome this level. If it can break through, higher price targets and further validation of its bullish momentum may be possible.