Massive $1.17 Billion DOGE Seen in 24 Hours, But Key Metric Drops

Dogecoin Large Transaction Volume Declines Amidst Market Slump

According to IntoTheBlock data, Dogecoin (DOGE) has witnessed $1.17 billion in large transaction volume within the past 24 hours, amounting to 8.33 billion DOGE. While significant, this figure represents a 7.54% decrease from the previous day, signaling a concerning trend for the cryptocurrency.

In the past week, Dogecoin's large transaction volume has experienced a downward trajectory.

On October 21st, Dogecoin recorded a peak of 12.87 billion DOGE in large transactions. However, this spike was short-lived, with volume declining soon after. The broader decline commenced on October 16th, when the large transaction volume hit its peak at 21.59 billion DOGE, coinciding with Dogecoin's surge to $0.1499.

Subsequently, Dogecoin's price underwent profit-taking, reaching a low of $0.132 on October 23rd before rebounding. In the past two days, Dogecoin's price has fluctuated within a range of $0.136 to $0.143. At the time of writing, Dogecoin has dropped by 2.15% over the past 24 hours, trading at $0.136.

Whale Activity Metrics Show Decline

IntoTheBlock defines large transactions as those exceeding $100,000. The Large Transactions Volume indicator measures the total value of cryptocurrency exchanged in such transactions.

Large Transaction Volume provides an estimate of the total volume moved by whales and institutional participants on any given day. Spikes in Large Transaction Volume indicate significant activity among institutional participants, while declines suggest the opposite.

The decline in large transaction volume may indicate a reduction in whale activity amidst a broader downturn in market interest, as evidenced by subdued price movements. Large transactions are often perceived as signals of significant market shifts, typically driven by institutional investors or large holders.