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1.1 billion Dogecoins circulated in one hour: What is the mystery behind the huge transaction?
Dogecoin (DOGE) ushered in unprecedented activity
Dogecoin, the dog-themed cryptocurrency, attracted much attention due to three huge transactions in one hour. A total of 1.1 billion Dogecoins circulated between unknown wallets, which was more than $445 million at the market price at the time.
Details of the mysterious transaction
According to the blockchain tracking platform Whale Alert, the three large transfers were:
300 million Dogecoins, worth $121.37 million 500 million Dogecoins, worth $202.29 million 300 million Dogecoins, again worth $121.37 million
These transfers were all made between anonymous wallets, adding to the mystery.
Such large flows are often related to exchanges, institutional investors or large holders (commonly known as "whales"), which may be over-the-counter transactions (OTC) or asset consolidation. However, the specific nature of the transactions is still unclear.
Dogecoin's large transaction volume surges 41%
In the past 24 hours, Dogecoin's large transaction volume surged 41.12%, indicating frequent whale or institutional activity. Large transactions usually refer to transfers of more than $100,000 and are often associated with institutional movements.
According to the IntoTheBlock analysis platform, Dogecoin's large transaction volume in the past day reached $23.35 billion, equivalent to 60.9 billion Dogecoin.
What will the future price trend of Dogecoin be?
Currently, Dogecoin is trading at $0.41, up 1.92% in 24 hours. Dogecoin has been recovering since hitting a low of $0.365 on November 26. If the rally continues, the price may break through $0.44 and even climb to $0.50 or $0.59.
On the other hand, if the price falls below $0.369, Dogecoin may weaken further and fall to $0.33 or even $0.30.
Conclusion
These huge Dogecoin transactions have attracted widespread attention, and people have speculated on their purpose and impact on the market. Future price trends will depend on whether key support levels can be maintained and whether bulls can maintain the current upward momentum.
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