$1 Billion Dogecoin in 24 Hours: Here's What's Happening

Dogecoin Experiences Surge in Large Transactions, Boosted by Price Increase

Cover image courtesy of U.Today

The dog-themed cryptocurrency Dogecoin (DOGE) has witnessed a significant increase in large transaction volumes, as per data from IntoTheBlock. Within the past 24 hours, Dogecoin recorded a notable $1 billion in large transaction volume, coinciding with a 5% price appreciation.

Large transactions generally refer to transfers surpassing $100,000. IntoTheBlock's Large Transactions Volume in USD indicator estimates the total dollar amount transferred in such transactions, indicating the combined volume transacted by whales and institutional entities in a given day. Surges in Large Transactions Volume signify heightened activity among institutional players, whether buying or selling.

In the last 24 hours, Dogecoin's Large Transaction Volume reached 8.45 billion Dogecoin, representing a 37% growth.

Concurrent with the surge in large transaction volume, Dogecoin's price experienced a 5% increase, suggesting heightened demand and positive market sentiment.

Over the past four days, Dogecoin's price had been declining, mirroring the broader market's trend. This period of depreciation raised concerns among investors and traders, as they observed the value of their holdings decrease.

However, a market reversal has occurred, resulting in Dogecoin's price bouncing back by 5%. At the time of writing, DOGE has gained 4.76% in the last 24 hours, trading at $0.1231.

This recent upward trend has provided much-needed relief for holders, rekindling optimism within the crypto community.

Multiple factors may have contributed to this rebound. Market analysts propose that buyers may have stepped in following a period of selling pressure. Additionally, the overall sentiment on the crypto market might be shifting, with investors seeking opportunities to make purchases at reduced prices.