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Dogecoin (DOGE) million-level transactions surge, and market undercurrents surge
Dogecoin (DOGE), the eighth-largest cryptocurrency by market capitalization, has recently seen significant growth in “whale” level trading activity. Over the past day, a surge in trading volume of over a million dollars has attracted widespread attention in the market.
These surges in high transaction volume not only reflect that large holders are actively accumulating more DOGE, but may also mean that they are moving large amounts of cryptocurrency for other strategic purposes. According to data from the blockchain analysis platform, in the past 24 hours, the number of high-value transactions involving more than $1 million has exceeded 150.
Ali, a well-known cryptocurrency analyst, cited Santiment’s data and pointed out: “Dogecoin’s whale-level transaction activity is rising. In the past 24 hours, there have been more than 150 DOGE transactions, each with an amount of more than $1 million.”
As the cryptocurrency market continues to develop, more and more institutions are beginning to pay attention to and invest in digital currencies such as Dogecoin. The entry of these institutions is often accompanied by the inflow of large amounts of capital, thus promoting the growth of trading volume.
These whale-level traders may be preparing for upcoming price movements based on market analysis and news developments. Whether it is rising or falling, they may influence market trends through large volumes of transactions.
The price trend of Dogecoin has also attracted much attention. At press time, Dogecoin was down 1.38% in the past 24 hours to $0.161. However, Dogecoin has remained above the 50-day simple moving average (SMA) at $0.1547 since the end of May, indicating strong demand around this price.
If this trend continues, Dogecoin is expected to break above the short-term resistance at $0.174. This key price level is worth watching as once buyers break this resistance level, Dogecoin may rise further to $0.21 or even $0.23.
However, if the price declines from current levels or the 50-day SMA, it could trigger selling action in the short term. A break below the 50-day SMA could reverse the short-term trend, sending Dogecoin back to $0.14.
