Dog-themed cryptocurrency Dogecoin (DOGE) has seen a surge in large transaction volumes, according to IntoTheBlock data. In the past 24 hours, Dogecoin recorded an impressive $1 billion in large transaction volume, coinciding with a 5% increase in its price.
Large transactions typically refer to transfers exceeding $100,000. In this case, the Large Transactions Volume in USD indicator from IntoTheBlock estimates the aggregate dollar amount transferred in such transactions, indicating the total amount transacted by whales and institutional players on a given day. Spikes in Large Transactions Volume point to high activity among institutional players - either buying or selling.
Large transaction volume for Dogecoin came to 8.45 billion Dogecoin in the last 24 hours, representing a 37% increase.
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Alongside the surge in large transaction volume, Dogecoin's price experienced a 5% increase, suggesting increased demand and positive market sentiment.
Dogecoin's price had been on a decline for the last four days, mirroring the broader market's movements. This period of decline raised concerns among investors and traders alike, as they watched the value of their holdings decrease.
However, the market has taken a turn, and Dogecoin has bounced back with a 5% increase in price. At the time of writing, DOGE was up 4.76% in the last 24 hours to $0.1231.
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This recent upward movement has provided a much-needed respite for holders, reigniting optimism within the crypto community.
Several factors could have contributed to this rebound. Market analysts suggest that after a period of selling pressure, buyers may have begun to step in. Additionally, the overall sentiment on the crypto market may be shifting, with investors looking for opportunities to buy at lower prices.
