Dogecoin (DOGE) has recently shown signs of on-chain activity that differ from mainstream cryptocurrencies. Despite the general decline in key indicators of major crypto assets like Bitcoin (BTC) and Ethereum (ETH), Dogecoin's on-chain data has risen against the trend, attracting market attention.
According to data, the large transaction volume of Dogecoin in the past 24 hours reached $23.35 billion, soaring 41.12%, far exceeding the increases of Bitcoin and Ethereum.
This surge in transaction volume indicates that large holders (i.e., 'whales') are actively moving, and such anomalies are often precursors to price volatility. In contrast, Ethereum's large transaction volume fell by 6.64%, with only $9.97 billion; Bitcoin's large transfer volume reached $56.06 billion but decreased by 16.06%. Dogecoin's large transaction volume is over twice that of Ethereum, highlighting its unique market performance.
Additionally, the number of daily active addresses for Dogecoin has grown significantly, increasing by 34.91% in 24 hours to reach 157,190, far exceeding the increases for Ethereum (1.39%) and Bitcoin (3.75%). This indicates that more wallets are interacting with the Dogecoin network at a pace far surpassing other mainstream networks. The rapid growth of active addresses, combined with the large-scale capital movements by whales, shows strong demand growth for the Dogecoin network.
It is worth noting that despite the hot on-chain activity, the price of Dogecoin has not followed suit. According to data, its price has dropped by 5.9% in the past 24 hours. However, the unusually active on-chain data often leads market trends, indicating that large holders' interest in Dogecoin is deepening. While these signals do not necessarily predict an immediate price reversal, they undoubtedly provide investors with a signal worth watching.
