When whales move, there will be monsters!
Dogecoin (DOGE) whale activity surges, large transaction volume reaches $1.1 billion news;
Dogecoin’s trading volume has increased significantly in the past 24 hours, jumping from 95,390 transactions on July 26 to 196,300 transactions on July 27, an increase of nearly 100%. The surge in transaction volume corresponds to a surge in large-value transactions, which are mainly executed by huge users or large holders of Dogecoin.
Despite the surge in trading activity, Dogecoin’s price action has been somewhat volatile. The value of Dogecoin has depreciated by 5.32% in the past 24 hours to $0.13. This move reflects the overall downturn in the cryptocurrency market. Meanwhile, trading volume surged 87% to $1.28 billion, indicating increased trading interest and volatility.
Dogecoin’s recent price action showed significant resistance at the $0.1389 mark it hit on July 27. Dogecoin has since faced a correction, which would mark its second consecutive day of losses if the downward trend continues until the end of the day. Bulls are eyeing a rebound that could push the price above $0.14. A successful break above this resistance could pave the way for further gains towards $0.18. However, if the price of Dogecoin continues to fall, the $0.12 level could become a key support level. A break below this support is likely to intensify selling pressure, potentially pushing the price as low as $0.10, where bullish intervention is expected.
Recent data highlights the activity within the Dogecoin network, with huge transaction volumes indicating high whale participation. While the surge in trading volume reflects increased interest and underlying liquidity, price action remains volatile. Market participants should pay close attention to key resistance and support levels to judge future trends. Overall, Dogecoin’s market dynamics indicate a period of increased activity and uncertainty that requires careful observation to spot actionable trends.
