[Dogecoin trading volume reaches $1 billion in 24 hours]
Dog-related cryptocurrency Dogecoin (DOGE) has recently seen a surge in block trading volume, according to IntoTheBlock. In the past 24 hours, Dogecoin recorded a whopping $1 billion in block trading volume, accompanied by a 5% price increase.
Large transactions typically refer to transfers of more than $100,000. In this case, IntoTheBlock’s USD Block Volume indicator estimates the total dollar amount moved in these trades, indicating the total amount traded by large whales and institutional players on the day. The surge in large trade volumes indicates high activity from institutional players, whether buying or selling.
Dogecoin’s block trading volume reached 8.45 billion DOGE in the past 24 hours, an increase of 37%.
The price of Dogecoin also rose by 5% as large trading volumes surged, showing increased demand and a positive change in market sentiment.
The price of Dogecoin has been falling over the past four days, mirroring moves in the broader market. This period of decline caused concern among investors and traders as they saw the value of their holdings diminish.
However, the market took a turn and the price of Dogecoin recovered by 5%. At the time of writing, DOGE is up 4.76% in the past 24 hours to $0.1231.
This latest rally has provided much-needed relief to holders, reigniting optimism within the cryptocurrency community.
A variety of factors may have contributed to this rally. Market analysts suggested that buyers may start to enter the market after a period of selling pressure. Additionally, sentiment in the overall cryptocurrency market may be shifting, with investors looking for opportunities to buy at lower prices.
