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

链上数据显示，过去一个月，狗狗币区块链上与鲸鱼相关的活动急剧增加了 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.

狗狗币鲸鱼交易近一个月呈爆发式增长 根据市场情报平台IntoTheBlock的数据，狗狗币鲸鱼近期变得相当活跃。这里感兴趣的链上指标是狗狗币区块链上价值至少 100 万美元的转账交易计数。

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.

一般来说，只有鲸鱼实体才有能力通过单笔交易转移如此大的金额，因此这些交易归因于涉及这些庞大的投资者。

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.

相关阅读：这个比特币链上指标是否提前预测了复苏？因此，每天网络上发生的交易总数（规模在此范围内）可以为我们提供有关鲸鱼行为的提示。

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.

当这种规模的交易的交易计数值较高时，鲸鱼会积极参与网络。这种趋势意味着这些大型交易者对模因币的兴趣可能很高。

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，该指标的低值表明区块链上没有发生太多大型交易，这可能表明鲸鱼并没有关注加密货币。

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

现在，下面的图表显示了过去一个月鲸鱼的狗狗币交易计数趋势：

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.

最近几天该指标的价值似乎一直在上升 |来源：X 上的 IntoTheBlock 如上图所示，该狗狗币指标最近出现了急剧的上升趋势。 “过去 30 天内，超过 100 万美元的 DOGE 交易数量增加了 600% 以上！”注释 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.

该分析公司还分享了同一指标的图表的缩小视图，该视图反映了最近 DOGE 鲸鱼活动的规模。

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.

过去几年鲸鱼交易笔数趋势 |资料来源：X 上的 IntoTheBlock 看来，狗狗币鲸鱼的交易计数最近水平是自 2021 年 5 月 DOGE 达到顶峰以来网络所见证的最高水平。

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.

鲸鱼的高活动对 memecoin 的价格意味着什么？一般而言，考虑到出售和购买转让在指标中同等重要，很难仅根据这些庞大实体的交易计数来评价价格结果。

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.

不过，该指标的趋势可以说明该资产在不久的将来是否可能会出现更大的波动。大量的鲸鱼交易意味着市场交易量的显着变化，这自然会产生一些明显的价格波动。

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.

相关阅读：比特币可能会看到“比我们想象的更多的回调”，定量解释为什么狗狗币最近经历了大量的鲸鱼活动，如果鲸鱼继续保持活跃，它可能很快就会看到更加波动的价格走势。然而，从理论上讲，这种波动的方向可以使模因币朝任一方向发展。

DOGE Price

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

DOGE 价格 在撰写本文时，狗狗币在 0.15 美元大关附近浮动，过去一周下跌超过 6%。

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

看起来 memecoin 的价格已经回吐了部分复苏 |资料来源：TradingView 上的 DOGEUSD 特色图片来自 Unsplash.com、IntoTheBlock.com 上的 Kanchanara，图表来自 TradingView.com