The slight decline in Dogecoin’s price yesterday prompted a surge in whale activity in the meme-based cryptocurrency project over the last 24 hours.
According to data published on IntoTheBlock, the largest meme coin recorded a surge in whale transaction volume yesterday. The data shows that the cryptocurrency recorded a whopping 118% increase in transaction volume worth at least $100,000.
Following a surge in high-value Dogecoin transactions, the meme-based crypto project recorded a whopping $1.12 billion in whale transactions that had a minimum value of over $100,000 over the past week.
A Combination of Purchases and Sales
It is worth noting that the transaction volume comprises both buys and sells among whale investors. While it is unclear whether the majority of the transactions comprise more DOGE purchases or sales, the price movement of the meme coin in the past week suggests a balance in the volume of DOGE purchased and sold.
DOGE Price Movements
In the last seven days, Dogecoin has surged 24%, rallying from $0.061 to a high of $0.078 within this timeframe. However, the cryptocurrency recorded a sharp fall alongside other digital currencies yesterday after falling nearly 10%. At the time of writing this line, Dogecoin was trading around $0.071.
Meanwhile, Dogecoin has shredded a massive percentage of its value since it peaked at an all-time high of $0.73 on May 8, 2021. According to data on Coingecko, the cryptocurrency has been down 90.3% since it peaked at an all-time high last year.
Investors’ Position In DOGE
Despite the massive plunge of DOGE’s value since ATH, the majority of DOGE holders are currently in profit compared to those in the loss. IntoTheBlock data suggests that 53% of holders are in profit while 45% are presently losing at the current price. The remaining percentage of holders are at break even.
Although the cryptocurrency has suffered huge losses, DOGE’s enthusiasts are still optimistic that its value will still rally toward its previous ATH.
That’s because the cryptocurrency still has a good number of famous figures backing it, including Elon Musk, who was recently sued for fueling Dogecoin’s adoption. However, despite the lawsuit, Musk says he will keep supporting doge.
Unfortunately, Dogecoin co-creator Billy Marcus does not share the same sentiment, as he noted last week that the cryptocurrency might never reach its previous all-time high of $0.73.
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Source: https://thecryptobasic.com/2022/06/28/volume-of-dogecoin-doge-large-transactions-surge-nearly-120-in-24-hours/?utm_source=rss&utm_medium=rss&utm_campaign=volume-of-dogecoin-doge-large-transactions-surge-nearly-120-in-24-hours