According to U.Today, Dogecoin (DOGE), the largest dog-themed cryptocurrency by market capitalization, has experienced a significant surge in large transaction volume, reaching $1.09 billion. This figure represents approximately 8.61 billion Dogecoin transacted by whales and institutional participants within the last 24 hours. Large Transaction Volume is a metric used to estimate the total amount transacted by these major players on a given day, with spikes indicating increased activity, either buying or selling.

Dogecoin's recent performance has been influenced by broader market trends. The cryptocurrency has faced a bearish market, trading in the red at the time of reporting. After four consecutive days of declines, Dogecoin bounced off the 50-day Simple Moving Average (SMA) at $0.123 in today's early session. This movement suggests that bulls might be attempting to flip this level into support. However, Dogecoin was still down 3.16% in the last 24 hours, trading at $0.125, and had decreased by 5.42% over the past week.

If bulls succeed in turning the 50-day SMA into support, Dogecoin's price could see a relief rally targeting the 200-day SMA at $0.134. A sustained breach above this level might encourage buyers to push the price above $0.14, potentially initiating an upward trend toward $0.18. Conversely, if bears manage to lower the price below the firm support of $0.12, selling pressure could increase, potentially driving Dogecoin's price down to $0.10.