60.9 Billion Dogecoin in 24 Hours, DOGE Whales Back in Action
Dogecoin price is down, trend that is generally negated by boost in large transactions Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Dogecoin (DOGE) has seen a 41% increase in activity in the last 24 hours as DOGE whales sustained their massive transactions trend in the cryptocurrency market. IntoTheBlock data shows these large holders have transacted over 60 billion DOGE within this period. Whale activity hits seven-day high amid DOGE market uncertaintyNotably, a total of 60.9 billion DOGE were moved by whales as the market saw a boost in trading activity. This volume marks a seven-day high for the canine-themed meme coin. DOGE’s seven-day low figure stands at 12.97 billion DOGE. You Might Also Like The data highlights how whales have performed in the crypto market and suggests a possible shift in price outlook. The sudden surge in the last 24 hours hints at whales positioning themselves for major activity ahead.The seven-day low figure of 12.97 billion DOGE suggests that these large holders were calmer at the beginning of the week. However, the spike indicates that the whales are now aggressively accumulating or selling their holdings.DOGE Large Transactions. Source: IntoTheBlockAlthough whale accumulation often precedes price rallies, the Dogecoin ecosystem suggests that a good part of the large volume could have been sold, as the DOGE continues to fall per the current market outlook.As of press time, DOGE was changing hands at $0.1784, representing a 1.24% decline despite this large transaction trend. This development might have resulted in price dilution and general sentiments, as trading volume has also dropped by 24.08% to $826.67 million.ETF rumors loom over Dogecoin's future You Might Also Like Interestingly, DOGE kicked off May with a positive growth rate of 3.66%. On-chain data suggests it could prove a bullish month for the meme coin king. If history repeats itself, DOGE could flip $0.20 as the coin has been known to post double-digit growth in May.Meanwhile, the Dogecoin community continues to await approval for a spot DOGE exchange-traded fund (ETF) from the regulatory body. Top analysts know DOGE might become the first meme coin to gain ETF status. Related articles