Dogecoin Rises to $1 Billion in 24 Hours: What’s Happening

Large transactions generally refer to transfers of more than $100,000. In this case, IntoTheBlock’s USD Large Volume metric estimates the total dollar amount transferred in such transactions, indicating the total amount of transactions by whales and institutional players on a given day. A surge in large volume indicates high activity from institutional players – both buying and selling. Dogecoin’s large volume reached 8.45 billion Dogecoins in the last 24 hours, up 37%.

Along with the surge in volume, Dogecoin’s price also rose by 5%, indicating increased demand and positive market sentiment. Dogecoin’s price has been falling over the past four days, mirroring the broader market. This period of decline caused concern among investors and traders as they saw the value of their holdings fall. However, the market changed, and Dogecoin’s price rebounded by 5%. As of this writing, Dogecoin is up 4.76% in the last 24 hours to $0.1231.

The recent upward momentum has provided much-needed respite to holders and reignited optimism in the cryptocurrency community. Several factors may have contributed to the rally. Market analysts say that buyers may have begun to step in after a period of selling pressure. In addition, the overall sentiment in the cryptocurrency market may be changing, and investors are looking for opportunities to buy at lower prices.

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