The last day has seen a noticeable increase in Dogecoin's on-chain activity, with important metrics pointing to increased interest and movement. Particularly, there have been significant changes in the volume of large transactions and the Network Value to Transaction (NVT) ratio, which may indicate an impending change in the dynamics of the DOGE market. 

In the past day, the NVT ratio — which evaluates market capitalization in relation to the volume of transactions — has decreased by about 14%. Because it suggests high transaction volumes in relation to market capitalization, a lower NVT ratio historically suggests an asset that may be undervalued. 

DOGE/USDT Chart by TradingView

This abrupt decline may indicate a rise in investor interest in and assurance about Dogecoin's worth and usefulness. When examining the long-term NVT trend, one can see that the metric has varied greatly over time, with peaks suggesting possible bubbles in the market and troughs suggesting undervaluation. 

The downturn implies a rise in transaction volumes, which could indicate an increase of interest in Dogecoin. The quantity of big transactions — transactions exceeding $100,000 — has increased in tandem with the NVT ratio. 

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Dogecoin recorded 883 large transactions, with a total volume of 9.41 billion DOGE in the past day. This is the highest it has been in the last week, suggesting significant market movements. Large transactions can have an impact on market prices because they frequently indicate institutional interest or significant trades by whales. 

According to the given price chart, Dogecoin is presently trading at about $0.129 and exhibiting consolidation following a recent decline. A descending triangle, which usually precedes a bearish breakout, has been the asset's movement pattern. However, if the positive sentiment continues, the increase in on-chain activity might reverse this trend.

There are hints of a possible support level near $0.126 and $0.128, as the 50-day EMA and the 200-day EMA are beginning to converge. Dogecoin may see a bullish spike and aim for the $0.14-$0.15 range if it can sustain trading volumes and break above the descending triangle.