According to U.Today, Dogecoin (DOGE) has experienced a significant decline in large transaction volume over the past 24 hours. Data from IntoTheBlock reveals that $1.17 billion worth of DOGE, equivalent to 8.33 billion DOGE, was transacted. This marks a 7.54% decrease from the previous day, indicating a concerning trend for the cryptocurrency.
Over the last week, Dogecoin's large transaction volume has been on a downward trajectory. On October 21, the cryptocurrency saw a peak of 12.87 billion DOGE in large transactions, but this spike was short-lived as the volume began to decline shortly after. The broader decline started on October 16, when the large transaction volume peaked at 21.59 billion DOGE following a major price surge that saw Dogecoin reach highs of $0.1499.
Dogecoin's price has since seen profit-taking, dropping to lows of $0.132 on October 23 before rebounding. In the past two days, the price has fluctuated within a range of $0.136 to $0.143. At the time of writing, Dogecoin was down 2.15% in the last 24 hours, trading at $0.136.
The decline in large transaction volume suggests a decrease in whale activity, which could indicate a broader decline in market interest. Large transactions, defined by IntoTheBlock as those exceeding $100,000, are often seen as indicators of major market movements driven by institutional investors or large holders. Spikes in large transaction volume typically imply significant activity among institutional participants, whether buying or selling, while declines suggest the opposite.
