HomeNewsDogecoin Sees Increase in Whale Activity and Trading Volume

Dogecoin Sees Increase in Whale Activity and Trading Volume

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  • Whale activity in Dogecoin has surged, with over 150 transactions exceeding $1 million.
  • 84% of Dogecoin holders are currently in profit despite recent price drops.

Whale activity around Dogecoin (DOGE) has increased significantly. Over 150 transactions worth over $1 million each happened in the last 24 hours, claims on-chain analyst Ali Martinez. This increase in high-value transactions points to rising interest in DOGE from major investors.

Increased Trading Volume of DOGE 

The 24-hour trading volume of DOGE increased significantly as well. CoinGlass data shows that the trading volume increased by 47.62% to $1.32 billion. This highlights even more the increasing interest in Dogecoin and suggests increased market activity and investor involvement.

Not only is whale activity and trade volume up, but an astounding 84% of Dogecoin holders are currently profitable at the current price. The strong trend of DOGE is reflected in this high proportion of profitable ownership, as many investors are enjoying returns on their money.

Current Price and Market Sentiment 

Market opinion on this meme coin is still ambiguous, nevertheless. CoinMarketCap data shows that the price of DOGE at the time of writing is about $0.1481, having decreased by 7.89% over the previous day. Dogecoin has been trending down the last week, down 6.79%.

The market dynamics of Dogecoin are further complicated by earlier ETHNews reporting that showed a more than 50% decline in the weighted funding rate Open Interest (OI) of the cryptocurrency. Furthermore, Ripple CEO Brad Garlinghouse has openly questioned Dogecoin’s value and use cases.

The increase in whale activity and high proportion of profitable holdings suggest ongoing interest and confidence among big investors, even in the face of the recent price decline and criticism.

DOGE is still a hot topic for both proponents and detractors, even as the market keeps changing.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628