Fun

Dogecoin Large Transactions On The Rise — Can This Fuel DOGE Price Recovery?

News Feed - 2024-10-06 10:10:43

Este artículo también está disponible en español.


Dogecoin increased in value by more than 12% in the historically bearish month of September but has not quite been able to replicate its excellent form this October. The DOGE price has been under significant bearish pressure in the past few days, reflecting the sluggish climate of the crypto market over the past week. 


However, the latest on-chain revelation has pointed out that the price of Dogecoin might not be down for too long. Large investors of the meme coin have become increasingly active in the market — and here’s how it might impact price. Are Dogecoin Whales Positioning Themselves For A Bullish Breakout?


Prominent crypto pundit Ali Martinez took to the X platform to share an interesting on-chain insight into the activity of whales and other large investors in recent days. The relevant indicator here is the IntoTheBlock number of large transactions metric, which calculates the number of token transfers worth over $100,000. Related Reading Ethereum ICO Participant Offloads 6,000 ETH As Bearish Sentiment Intensifies 1 day ago


The cohort of investors involved in this data point is the whales and institutional players, considering the magnitude of these transactions. Whales refer to entities (individuals and organizations) that hold substantial amounts of a particular cryptocurrency and, as a result, wield significant influence on the market dynamics.


According to Martinez, the number of large Dogecoin transactions has been steadily rising. A surge in large transactions often indicates that institutional players and whales are either accumulating ahead of a price upswing or distributing their assets. It is worth noting that the IntoTheBlock large transactions metric doesn’t offer enough insight into the direction of these transfers. Source: Ali_charts/X


However, a recent data point revealed that Dogecoin whales (with at least $10 million) have bought over 1 billion DOGE (worth over $108 million) in one day.  While this confirms that the large holders have been accumulating, it leaves other investors wondering what they know.


Nevertheless, the heightened activity of institutional investors and whales could push a bullish narrative for Dogecoin, reinforcing faith in the meme coin’s long-term potential. This could increase market volatility, setting the stage for significant upward price movements. DOGE Price At A Glance


As of this writing, the price of Dogecoin stands at around $0.1088, reflecting a mere 0.6% decline in the last 24 hours. According to data from CoinGecko, DOGE is down by more than 16% in the past week. Related Reading Ethereum: 108,000 ETH Sent To Crypto Exchanges, Will Price Revisit $2,200? 1 day ago


While the meme coin’s recovery seems to be slowing down at the moment, investors might want to keep an eye out for bullish on-chain movements. Moreover, October is known to be a historically positive month for Dogecoin. The price of DOGE on the daily timeframe | Source: DOGEUSDT chart on TradingView Featured image created by Dall.E, chart from TradingView

News Feed

Crypto Settlement Startup Zebec Gets $15 Million to Craft Programmable Cash Stream Payments
Crypto Settlement Startup Zebec Gets $15 Million to Craft Programmable Cash Stream Payments The multi-signature treasury management and settlement startup Zebec has revealed the co
Bitcoin, Ethereum Technical Analysis: BTC Consolidates, Following Turbulent Weekend of Trading
Bitcoin, Ethereum Technical Analysis: BTC Consolidates, Following Turbulent Weekend of Trading Recent declines in the world’s two largest cryptocurrencies eased to start the
NFT Sale Starts December 17, 00:00(EST) | Check out the New KV and Sale Information | Entertainment DAO Project ‘SUPER SAPIENSS’ by Three Directors Representing Japan
NFT Sale Starts December 17, 00:00(EST) | Check out the New KV and Sale Information | Entertainment DAO Project "SUPER SAPIENSS" by Three Directors Representing Japan press release
Work X – Tokenizing Your Skills
Work X - Tokenizing Your Skills press release PRESS RELEASE. Zug, Switzerland, 5 Jan 2022: For many years, getting a diploma from a university or other institution was the only way
While GBTC Bitcoin Stacking Slows, Grayscale Accumulates Alternative Crypto Assets
While GBTC Bitcoin Stacking Slows, Grayscale Accumulates Alternative Crypto Assets Established in 2013, the firm Grayscale Investments has managed to become the
GAIMIN’s Early Access Event Opens Its Platform and Monetization App to Gamers
GAIMIN’s Early Access Event Opens Its Platform and Monetization App to Gamers press release PRESS RELEASE. Zug, Switzerland, 12th August 2022: GAIMIN announces the opening of its
Biggest Movers: DOGE Hits 2-Month High, ADA Rallies by 10%
Biggest Movers: DOGE Hits 2-Month High, ADA Rallies by 10% A day after hitting a one-week high, dogecoin raced to a two-month high earlier in today’s session. Wednesday
BlackRock imposters target crypto ETF investors
Arijit Sarkar1 hour agoBlackRock imposters target crypto ETF investorsBlackRock warns investors about a rise in crypto scams targeting its iShares Bitcoin and Ether ETFs, urging caution against social media impersonators
MicroStrategy completes $800M note offering to buy more Bitcoin
Helen Partz2 hours agoMicroStrategy completes $800M note offering to buy more BitcoinMicroStrategy completes $800 million convertible note offering to acquire more Bitcoin and for “general corporate purposes.”907 Tot
New Law in Germany Embraces All-Electronic and Blockchain Crypto Securities
New Law in Germany Embraces All-Electronic and Blockchain Crypto Securities The German government has passed new legislation to introduce all-electronic securiti
Gareth Jenkinson13 hours agoEurope drives institutional crypto adoption: Blockchain Expo AmsterdamConversations with key speakers at the Blockchain Expo Europe in Amsterdam suggest that cryptocurrency exchanges and compa
ECB Chief Christine Lagarde Calls for Global Bitcoin Regulation — Says BTC Conducts ‘Funny Business’
ECB Chief Christine Lagarde Calls for Global Bitcoin Regulation — Says BTC Conducts "Funny Business" The president of the European Central Bank (ECB), Christin