Dogecoin, the popular dog-themed cryptocurrency, is experiencing a significant uptick in large transaction volume, indicating potential whale activity. According to data from IntoTheBlock, Dogecoin has recorded a whopping $1.1 billion in large transactions, which are those exceeding $100,000. This surge in large transactions suggests that whales or institutional players may be actively buying or selling Dogecoin.
In the last 24 hours, Dogecoin has witnessed a 29.27% increase in large transaction volume, totaling 8.15 billion DOGE in cryptocurrency terms. Typically, a rise in large transaction volumes aligns with heightened activity by whales or large holders. This spike in large transaction volume coincides with a notable increase in the number of transactions on the Dogecoin network. In the same 24-hour period, the number of transactions surged by nearly 100%, climbing from 95,390 on July 26 to 196,300 on July 27.
As the Dogecoin price awaits its next major move, it has experienced a 5.32% decline in the last 24 hours to $0.13, in line with the broader market downtrend. Trading volume for Dogecoin has surged by 87% in the same timeframe to $1.28 billion as traders actively trade Dogecoin. Following a four-day decline, Dogecoin staged a strong recovery on July 26, reaching highs of $0.1389 on July 27 before encountering resistance.
Despite the bullish attempt, Dogecoin has since retreated and is currently facing losses, poised to mark a second consecutive day of declines. Should there be a rebound, bulls may aim to push Dogecoin prices beyond $0.14, potentially leading to a surge above $0.18. However, encountering strong selling pressure from bears at this level is a possibility. Conversely, a downturn from current levels could find support at $0.12, with a further dip potentially leading to a test of $0.10, where bulls may intervene to prevent further downside.
