DOGE Transactions Spike Fails to Boost Volume
Over the last day, Dogecoin has experienced an odd occurrence. The number of significant transactions in meme coins increased from 571 to 717, according to IntoTheBlock. There was an increase of 146 units in these transactions, which were valued at over $100,000 each, amounting to an additional $14.6 million in transaction activity. Generally, volume rises in proportion to the quantity of significant transactions. However, this is an atypical behavior.
The total value of big transactions actually dropped over the previous day, even though there were more of them. The DOGE decreased from 7.82 billion to 7.51 billion, or $806.06 million to $754.08 million in US dollars. This is a really unique circumstance. Despite the fact that there were 25.57% more transactions, the volume fell by 6.44% in USD and 3.96% in DOGE.
DOGE Whales Continue Trading as Average Transaction Size Falls 25%
This is most likely due to a decline in the typical size of major transactions. The average amount of a significant transaction was $1.41 million yesterday, but it is currently only $1.05 million. The average size of these transactions has decreased, but it is still more than ten times larger than the average Dogecoin transaction size.
This demonstrates that large sums of money are still being exchanged in the market. The fact that these transactions are still so big even if the volume has dropped shows that whales are still trading Dogecoins. The general pattern of high transaction activity still implies strong continuous interest from large holders, even though the average transaction size has decreased, possibly reflecting a change in market behavior.
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