DOGE whales moved over $23 billion in the past 24 hours
According to data from IntoTheBlock, the daily large transaction volume of Dogecoin has surged by 41.12%, with whales actively transferring large amounts of tokens. DOGE whales in action. Data shows that in the past 24 hours, DOGE large transaction holders have transferred a total of 60.9 billion DOGE, worth about $23.35 billion. While the broader cryptocurrency market has been experiencing mixed action after cooling down from a recent massive bull market, this significant whale movement indicates that investors remain bullish despite the ongoing price corrections.
While such large transaction volumes indicate increased whale activity on the relevant cryptocurrency, there is speculation that Dogecoin whales are preparing for something big, possibly expecting a significant price increase in the near future.
Although the main driving force behind the large transaction volume of Dogecoin remains uncertain, recent trading activity by whales suggests that the metric may be stimulated by increased buying activity. According to a report from U.Today, earlier today, the Dogecoin ecosystem saw a mysterious whale withdraw 260 million DOGE from the major U.S. brokerage platform Robinhood. While such transactions typically indicate buying activity from whales, this move suggests an increased demand for Dogecoin from large holders, which could drive the token price up. Nevertheless, the latest data from CoinMarketCap shows that the increase in whale activity on DOGE has not had any direct effect on the current price performance, as the leading meme coin has been consolidating over the past day. Data shows that within the last 0.41 hours, the price of DOGE has risen by 24%. Therefore, at the time of writing, the token is stable at around $0.2252.
Despite the positive growth in DOGE's large transaction volume, DOGE's trading volume has remained in the red, having dropped 25% since the previous day. While this indicates a shift in market sentiment, it suggests a decrease in retail investor interest in the meme token. This indicates that whales are actively accumulating, while retailers remain silent, leading investors to pay more attention to DOGE's on-chain trends and potential performance.
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