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

Scott Matherson

9 months ago

3 mins read

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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.

Dogecoin price chart from Tradingview.com — DOGE struggles amid market retracement | Source: DOGEUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

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Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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