Dogecoin Bullish Signals: Large Transaction Volume Hits $23B+

Dogecoin Bullish Signals: Large Transaction Volume Surges to $23B+

Dogecoin has experienced a significant surge in activity in the past few hours as its price rebounds from a weekend correction. Over the past 24 hours, there has been a notable increase in large DOGE transactions, typically involving amounts over $100,000. These transactions often indicate involvement from whales or institutions in the market.

Intensified Large Transaction Activity

While the large Dogecoin transactions may represent both selloffs and accumulations, the surge in activity suggests a positive trend for the meme coin.

Sustained Interest Despite Price Correction

Despite the price pullback, the Dogecoin blockchain has witnessed a surge in activity. Data from IntoTheBlock shows a 41.12% increase in Dogecoin's large transaction volume over the past 24 hours, reaching $23.35 billion. Additionally, active addresses increased by 34.91%.

Bullish Implications

These metrics indicate sustained interest in Dogecoin. The sharp increase in large transaction volume and active addresses suggests that traders, particularly large holders, remain engaged with the meme coin. This renewed interest has translated into increased buying pressure, evidenced by a price uptick in the past 24 hours.

Technical Analysis

Crypto analyst Captain Faibik points out that Dogecoin's price is approaching a breakout above the upper trendline of a falling wedge pattern. A breakout from this pattern could trigger another rally, pushing Dogecoin's price up by 25% to reach $0.47.