Dogecoin has seen its daily large transaction volume surge massively by 41.12% with whales actively moving large amounts of tokens, according to data from IntoTheBlock.
DOGE whales in action
The data shows that a total 60.9 billion DOGE worth about $23.35 billion have been moved by DOGE’s large transaction holders over the last 24 hours.
While the broad crypto market has been experiencing mixed actions after cooling off from the recent massive bull run, this notable whale movement suggests that investors are still bullish despite ongoing price corrections.
While large transaction volumes like this indicate increased whale activities on the concerned crypto currency, there are speculations that Dogecoin whales are preparing for something big, possibly anticipating a massive price rally in the near future.
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Although the major drive behind Dogecoin’s massive large transaction volume remains uncertain, recent trading activities among whales suggests the metric might have been spurred by increased buying activities.
Earlier today, the Dogecoin ecosystem saw a mysterious whale pull out a significant 260 million DOGE from a major U.S.-based brokerage platform, Robinhood, according to a report from U.Today.
While transactions like this often suggest buying activities from whales, the move signals increased demand for Dogecoins among large holders, potentially driving a surge in the price of the token.
Nonetheless, latest data from CoinMarketCap shows that the increased whale activities on DOGE have not had any direct impact on the price performance currently as the leading memecoin have been trading sideways over the last day.
The data shows a decent 0.41% increase in DOGE’s price since the last 24 hours. As such, the token is trading steadily around $0.2252 as of press time.
Source: CoinMarketCap
Despite the positive surge in DOGE’s large transaction volume, DOGE’s trading volume has remained in red as it has declined by up to 25% since the last day.
While this suggests that market sentiments are shifting, it signals decreased interest for the meme token among retail investors.
This indicates that whales are actively accumulating while retailers are silent, causing investors to be more watchful about DOGE’s on-chain movement and potential performance.