According to U.Today, Dogecoin (DOGE), a popular dog-themed cryptocurrency, has experienced a significant increase in large transaction volumes. Data from IntoTheBlock reveals that Dogecoin recorded a substantial $1 billion in large transaction volume in the past 24 hours, which coincided with a 5% increase in its price. Large transactions are typically defined as transfers exceeding $100,000. The Large Transactions Volume in USD indicator from IntoTheBlock estimates the total dollar amount transferred in such transactions, indicating the total amount transacted by whales and institutional players on a given day.
A spike in Large Transactions Volume suggests high activity among institutional players, either buying or selling. In the case of Dogecoin, the large transaction volume reached 8.45 billion Dogecoin in the last 24 hours, representing a 37% increase. Alongside this surge in large transaction volume, Dogecoin's price also experienced a 5% increase, suggesting increased demand and positive market sentiment.
Dogecoin's price had been on a decline for the last four days, reflecting the broader market's movements. This period of decline raised concerns among investors and traders alike, as they watched the value of their holdings decrease. However, the market has taken a turn, and Dogecoin has bounced back with a 5% increase in price. At the time of writing, DOGE was up 4.76% in the last 24 hours to $0.1231.
This recent upward movement has provided a much-needed respite for holders, reigniting optimism within the crypto community. Several factors could have contributed to this rebound. Market analysts suggest that after a period of selling pressure, buyers may have begun to step in. Additionally, the overall sentiment on the crypto market may be shifting, with investors looking for opportunities to buy at lower prices.