[Dogecoin trading volume reaches $1 billion during market downturn, what happened? 】
Dogecoin (DOGE) recently hit $1.09 billion in large transaction volume, showing increased activity from institutional players. According to IntoTheBlock, large trade volume is estimated as the total amount traded by whales and institutional players on a given day.
In the past 24 hours, Dogecoin’s large transaction volume reached $1.09 billion, equivalent to 8.61 billion DOGE. Bitcoin fell to lows near $65,000 in Tuesday trading as traders worried the U.S. government could sell off large holdings of the cryptocurrency. The U.S. Treasury Department has amassed billions of dollars in confiscated cryptocurrency as a result of its crackdown on darknet markets like Silk Road.
Dogecoin has not been immune to the bear market trend and is currently in a downward trend. After four consecutive days of losses, Dogecoin rebounded from the 50-day simple moving average (SMA) at $0.123 early today, indicating that bulls may be trying to convert this level into support.
At the time of writing, Dogecoin is down 3.16% in the past 24 hours to $0.125, bringing its weekly loss to 5.42%. If bulls manage to turn the 50-day SMA into support, Dogecoin price could see a rebound targeting the 200-day SMA at $0.134. If the breakout is sustained, buyers may try to push the price as high as $0.14 to start an uptrend towards $0.18.
However, the bears may try to sink the price below the strong support at $0.12. If successful, selling pressure could increase and Dogecoin could drop to $0.10.
