Dogecoin whale transaction volume surged by 41%, surpassing Ethereum and Bitcoin.
Dogecoin has recently experienced frequent on-chain activities, showing signs of trends different from mainstream cryptocurrencies. While key indicators for assets like Bitcoin and Ethereum are generally weakening, Dogecoin's data appears particularly active.
According to the latest statistics from IntoTheBlock, the total large transaction volume for Dogecoin in the past 24 hours surged to $23.35 billion, an increase of 41.12%, surpassing Bitcoin and Ethereum, making it the largest increase among the three.
Such a significant surge in trading volume usually indicates that whales or large investors are entering the market. This kind of capital movement is often seen as a precursor to upcoming price volatility, warranting close attention from traders.
Compared to Bitcoin and Ethereum, Dogecoin's performance is particularly outstanding. Both BTC and ETH have seen declines, and large transaction volumes have also decreased. However, the number of Dogecoin users is increasing, and the growth rate is larger.
In the past 24 hours, Dogecoin's large transaction volume was more than double that of Ethereum, which saw a decline of 6.64% in large transaction volume, reaching $9.97 billion. Despite being the largest asset by market cap, Bitcoin's large transfer volume also reached $56.06 billion, but its trading volume dropped by 16.06%.
This comparison is significant. While whale activities for Bitcoin and Ethereum are decreasing, Dogecoin is developing in the opposite direction.
DOCE active addresses increased by 35%
Meanwhile, the number of daily active addresses for Dogecoin has surged by 34.91%, reaching 157,190, significantly exceeding Bitcoin's 3.75% and Ethereum's 1.39%. Although in absolute values, BTC and ETH still lead, Dogecoin shows significantly stronger growth in activity.
This indicates that more and more wallets are participating in the Dogecoin network, with interaction frequency far exceeding that of current mainstream assets. This surge in user activity, combined with the large-scale movement of whale funds, is a relatively rare on-chain phenomenon.
For investors, this data releases an important signal: the network demand for Dogecoin is rapidly heating up. Although an increase in on-chain activity may not immediately lead to a price rise, it is often an early sign of a trend beginning, especially when the data appears unusually concentrated.
Currently, these dynamics cannot clearly indicate a trend reversal, but it can be seen that the interest of large funds is deepening. It is worth mentioning that despite the positive on-chain data, Dogecoin's price has not risen in tandem—according to CoinMarketCap data, it still fell by 5.9% within 24 hours.