1.1 billion DOGE in one hour, what's happening?

The dog-themed cryptocurrency Dogecoin (DOGE) has recently witnessed a wave of activity, with three large transactions totaling 1.1 billion DOGE between unidentified wallets occurring in a very short period.

The blockchain data tracker Whale Alert has reported three large transactions totaling 1.1 billion DOGE occurring within one hour.

🚨 500,000,000 DOGE ($202,294,187) transferred from an unidentified wallet to another unidentified wallet.

The transactions include two transactions of 300 million DOGE each and a third transaction involving 500 million DOGE. In total, these transactions are worth over $445 million based on Dogecoin's current market value.

The nature of these transactions remains unclear, with the anonymity of the wallets adding an extra layer of mystery.

Such large transactions often involve exchanges, institutional investors, or large holders, known as 'whales.' These movements may indicate OTC transactions taking place outside of exchanges or simply asset consolidation.

Dogecoin's large trading volume increased by 41%

In the past 24 hours, Dogecoin's large trading volume has increased by 41.12%, indicating heightened activity among whales or institutional investors. Large trading volume typically tracks transactions exceeding $100,000, often involving institutional investors, exchanges, or whales.

According to the analysis platform IntoTheBlock, Dogecoin has recorded $23.35 billion in large trading volume over the past 24 hours. This is equivalent to 60.9 billion DOGE.

What will happen next to Dogecoin's price?

At the time of writing, DOGE has increased by 1.92% in the last 24 hours to $0.41. Dogecoin has risen since finding support at the low of $0.365 on November 26. If it closes in the green today, it will be the third consecutive profitable day.

If this recovery holds, investors may look to push Dogecoin above $0.44. If they succeed, Dogecoin could rise to $0.50 and then to $0.59. Conversely, if it breaks and closes below $0.369, it could lead to further declines. Dogecoin could drop to $0.33, then to $0.30.