Dogecoin Large Transactions Surge 41% With 35% Uptick In Daily Addresses, Will Price Follow?

2024-11-19 05:00

Dogecoin has seen a significant uptick in activity over the past few hours as its price begins to rebound following a correction over the weekend. Over the last 24 hours, there has been a notable increase in the number of large DOGE transactions being moved across Dogecoin wallets. These large Dogecoin transactions, typically involving amounts greater than $100,000, are often regarded as an important indicator of a whale or institutional involvement in the market.

Although the Dogecoin large transactions could as much be selloffs as they were accumulations, the sheer surge in activity shows a positive trend for the meme coin.

Dogecoin Large Transaction Activity Intensifies

The recent Dogecoin rally appears to be losing steam following an impressive surge that pushed its price above $0.42 for the first time since the 2021 bull market. A seeming profit-taking trend among traders that rode through the price rally has led to a pullback, bringing the Dogecoin price back below the $0.40 threshold. At the time of writing, the Dogecoin price is currently trading below $0.40, having corrected to a $0.346 low in the past 24 hours.

The correction has brought about the idea that maybe the Dogecoin price has finally expanded its sentiment among crypto investors. However, on-chain data suggests this might not be the case. Despite the price correction, the Dogecoin blockchain continued to witness a surge in activity.

According to data from analytics platform IntoTheBlock, Dogecoin recorded $23.35 billion in Dogecoin’s large transaction volume over the past 24 hours, representing a notable 41.12% increase compared to the previous day. In addition, the blockchain registered 157,190 active addresses during the same period, marking a 34.91% rise.

What Does This Mean For DOGE Price?

These metrics highlight sustained interest in Dogecoin, even amid its price correction. The sharp increase in Dogecoin’s large transaction volume and active addresses suggests that traders, particularly large holders, remain engaged with the meme coin.

This renewed interest appears to have translated into increased buying pressure, as evidenced by a concurrent price uptick in the past 24 hours. DOGE has risen by approximately 4% during the past 24 hours and is now up 7.4% from its weekend low.

Adding to the bullish sentiment, crypto analyst Captain Faibik has pointed out that the Dogecoin price is on the verge of breaking above the upper trendline of a falling wedge pattern. This falling wedge formation has been developing since DOGE’s price peaked at a three-year high of $0.4265 on November 14 and began consolidating. Based on this technical analysis, Captain Faibik predicts that a breakout from the wedge could trigger another rally, pushing Dogecoin’s price up by 25% to reach $0.47

At the time of writing, the Dogecoin price is trading at $0.38.

origin »

Dogecoin (DOGE) на Currencies.ru

$ 0.2378 (+1.95%)
Объем 24H $3.176b
Изменеия 24h: 15.36 %, 7d: -1.93 %
Cегодня L: $0.2338 - H: $0.2378
Капитализация $35.259b Rank 9
Цена в час новости $ 0.3894 (-38.93%)

dogecoin hours price uptick transactions large following

dogecoin hours → Результатов: 126


Dogecoin Price: Bearish Pressure Wipes out Nearly 20% of the Recent Gains

All of the top cryptocurrency markets have noted solid growth over the past 24 hours. This is a more than welcome sight, as the past few months have been ultra bearish in every single way. One currency not benefiting from this recent trend is DOGE, as the Dogecoin price continues to face steep declines as […] The post Dogecoin Price: Bearish Pressure Wipes out Nearly 20% of the Recent Gains appeared first on NullTX.

2018-9-14 11:47