Dogecoin (DOGE) Whales Are Back With Nearly $1 Billion

Crypto Market Whales Stir as October Arrives

As the crypto market enters the month of October, known colloquially as "Uptober," investors are eagerly monitoring market trends. Behind the scenes, on-chain data provides valuable insights into the movements of major players, or "whales."

One metric that sheds light on large-scale speculation is IntoTheBlock's Large Transaction Volume. For instance, in Dogecoin (DOGE), the volume of transactions exceeding $100,000 surged from 4.81 billion DOGE to 7.83 billion DOGE in the past 24 hours, representing a 62.78% increase. In dollar terms, this equates to a rise from $612.38 million to $931.55 million.

This whale activity provides context for the recent price action in Dogecoin. Despite a breakout in early September that marked the end of six months of downtrend, the meme coin has slipped by 8.1% in the past day.

Source: IntoTheBlock

The market had high expectations for October, known as the "holy month" for crypto, due to the bullish setup that emerged prior to its arrival. Consequently, whale activity in DOGE has intensified, suggesting they are actively participating in the current market dynamics.