On-chain data shows whale-related activity on the Dogecoin blockchain has registered a sharp 600% increase over the past month.

鏈上數據顯示，過去一個月，狗狗幣區塊鏈上與鯨魚相關的活動急劇增加了 600%。

Dogecoin Whale Transactions Have Exploded In The Last Month

According to data from the market intelligence platform IntoTheBlock, DOGE whales have become quite active recently. The on-chain indicator of interest here is the Transaction Count of transfers on the Dogecoin blockchain with a value of at least $1 million.

狗狗幣鯨魚交易近一個月呈現爆發性成長 根據市場情報平台IntoTheBlock的數據，狗狗幣鯨魚近期變得相當活躍。這裡感興趣的鏈上指標是狗狗幣區塊鏈上價值至少 100 萬美元的轉帳交易計數。

Generally, only the whale entities are capable of moving such large amounts with single transactions, so these transactions are attributed to involving these humongous investors.

一般來說，只有鯨魚實體才有能力透過單筆交易轉移如此大的金額，因此這些交易歸因於涉及這些龐大的投資者。

As such, the total number of transactions taking place on the network every day that are of a size falling in this range can provide us with hints about the behavior of the whales.

相關閱讀：這個比特幣鏈上指標是否提前預測了復甦？因此，每天網路上發生的交易總數（規模在此範圍內）可以為我們提供有關鯨魚行為的提示。

When the value of the Transaction Count of moves of this size is high, the whales actively participate in the network. Such a trend implies that interest around the memecoin may be high among these large traders.

當這種規模的交易的交易計數值較高時，鯨魚會積極參與網路。這種趨勢意味著這些大型交易者對迷因幣的興趣可能很高。

On the other hand, low values of the indicator suggest not many large transactions are happening on the blockchain, a potential indication that the whales aren’t paying attention to the cryptocurrency.

另一方面，該指標的低值表明區塊鏈上沒有發生太多大型交易，這可能表明鯨魚並沒有關注加密貨幣。

Now, here is a chart that shows the trend in the Dogecoin Transaction Count for the whales over the past month:

現在，下面的圖表顯示了過去一個月鯨魚的狗狗幣交易計數趨勢：

The value of the metric seems to have been going up in recent days | Source: IntoTheBlock on X

As the above graph shows, this Dogecoin indicator has recently registered a sharp uptrend. “The number of DOGE transactions larger than $1 million increased by more than 600% in the last 30 days!” notes IntoTheBlock.

最近幾天該指標的價值似乎一直在上升 |來源：X 上的 IntoTheBlock 如上圖所示，這隻狗幣指標最近出現了急劇的上升趨勢。 “過去 30 天內，超過 100 萬美元的 DOGE 交易數量增加了 600% 以上！”註釋 IntoTheBlock。

The analytics firm has also shared a zoomed-out view of the chart for the same metric, which puts into perspective the scale of the recent DOGE whale activity.

該分析公司還分享了同一指標的圖表的縮小視圖，該視圖反映了最近 DOGE 鯨魚活動的規模。

The trend in the whale Transaction Count over the past few years | Source: IntoTheBlock on X

It would appear that the recent levels of the Transaction Count of the Dogecoin whales have been the highest that the network has witnessed since May 2021, when DOGE hit its top.

過去幾年鯨魚交易筆數趨勢 |資料來源：X 上的 IntoTheBlock 看來，狗狗幣鯨魚的交易計數最近水平是自 2021 年 5 月 DOGE 達到頂峰以來網絡所見證的最高水平。

What does the high whale activity mean for the memecoin’s price? Generally, it’s hard to say anything about a price outcome based on the Transaction Count of these humongous entities alone, given that both selling and buying transfers count equally in the metric.

鯨魚的高活動對 memecoin 的價格意味著什麼？一般而言，考慮到出售和購買轉讓在指標中同等重要，很難僅根據這些龐大實體的交易計數來評價價格結果。

What the indicator’s trend can say, though, is whether the asset is likely to see more volatility in the near future. A large number of whale transactions means a significant shift of volume in the market, which can naturally produce some noticeable fluctuations in the price.

不過，該指標的趨勢可以說明該資產在不久的將來是否可能會出現更大的波動。大量的鯨魚交易意味著市場交易量的顯著變化，這自然會產生一些明顯的價格波動。

As Dogecoin has been going through high whale activity recently, it may see more volatile price action soon, should whales continue to remain active. However, the direction of this volatility can theoretically take the memecoin in either direction.

相關閱讀：比特幣可能會看到“比我們想像的更多的回調”，定量解釋為什麼狗狗幣最近經歷了大量的鯨魚活動，如果鯨魚繼續保持活躍，它可能很快就會看到更加波動的價格走勢。然而，從理論上講，這種波動的方向可以使模因幣朝任一方向發展。

DOGE Price

When writing, Dogecoin is floating around the $0.15 mark, down more than 6% over the past week.

DOGE 價錢 在撰寫本文時，狗狗幣在 0.15 美元大關附近浮動，過去一周下跌超過 6%。

Looks like the price of the memecoin has retraced some of its recovery | Source: DOGEUSD on TradingView

看起來 memecoin 的價格已經回吐了部分復甦 |資料來源：TradingView 上的 DOGEUSD 特色圖片來自 Unsplash.com、IntoTheBlock.com 上的 Kanchanara，圖表來自 TradingView.com