Key Dogecoin (DOGE) Metric Surges: Details
Key on-chain metrics for Dogecoin have significantly increased, indicating increased activity in spite of price consolidation. Over the past week, the average transaction size has increased dramatically, reaching a seven-day high of $33,411 on Nov. 12, 2024, while continuing to hover around a seven-day average of $11,960.
This dramatic increase suggests that the network is being dominated by larger transactions, which may be a sign of increased institutional investor or whale activity interest. Dogecoin's volatility has also significantly increased in tandem, peaking at 147% on the 30-day chart.
This is indicative of high price volatility, which frequently precedes acute market movements. In the past, either significant pullbacks or powerful rallies have preceded periods of elevated DOGE volatility. A critical phase can be seen on the market side of the DOGE price chart.
Dogecoin had a significant upswing in November and is now trading at about $0.40. The asset has since consolidated within a descending channel after encountering resistance close to $0.48.