Something strange has been happening with Dogecoin (DOGE) over the past 24 hours. According to IntoTheBlock, the number of large transactions in the meme coin jumped from 571 to 717. These transactions, valued at over $100,000 each, saw an increase of 146 units, representing an additional $14.6 million in transaction activity.
Normally, as the number of large transactions increases, so does the volume. But here's the anomaly.
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Even though there were more transactions, the total value of large transactions actually decreased over the past 24 hours. It went from 7.82 billion DOGE to 7.51 billion DOGE, which in dollar terms is a decrease from $806.06 million to $754.08 million.
This is a rather unusual situation. Although there were 25.57% more transactions, the volume decreased by 3.96% in DOGE and 6.44% in dollars.
Source: IntoTheBlock
The most likely reason for this is that the average size of large transactions decreased. Yesterday, the average large transaction size was around $1.41 million, but now it is down to $1.05 million.
Even though there has been a decrease, the average size of these transactions is still more than 10 times higher than what you would see in typical Dogecoin transactions.
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This shows that there is still a lot of big money moving around the market. While the volume has decreased, the fact that these transactions are still so large indicates that whales are still active on the Dogecoin market.
This decrease in average transaction size may reflect a shift in market behavior, but the overall trend of large transaction activity still indicates significant ongoing interest from large holders.
