According to IntoTheBlock data, the number of large Dogecoin transactions increased after the price drops.
According to analysis by IntoTheBlock, major Dogecoin transactions have increased by up to 148% in the last 24 hours. DOGE price lost its gains after yesterday’s 48 percent gain and is now in a bearish position.
Transactions tracked by IntoTheBlock, referred to as “large” transactions, refer to on-chain transactions worth over $100,000.
This indicator shows the volume of such “large” transactions that take place every day. This metric is also an indicator of corporate activity or the trading of whales. Therefore, the 148% increase in Dogecoin transactions in the last 24 hours may indicate a massive amount of whale trading, according to the website.
Dogecoin took off on Tuesday after Tesla CEO Elon Musk announced that the electric car maker will begin accepting its biggest cryptocurrency as payment on certain products. Dogecoin surged 48% to highs of $0.228 before falling, according to TradingView data. At the time of writing, Dogecoin is trading at $0.176, down about 8 percent.
Dogecoin Price Drop
Despite the support from Dogecoin bulls Elon Musk, it failed to break the $0.2291 resistance in one go, which led to the price drop. Dogecoin will likely continue to trade sideways as the short-term bias remains neutral, and if it can surpass the $0.2291 resistance, more positive action could be created above this level.
Dogecoin was launched as a prank by Billy Markus and Jackson Palmer in 2013. DOGE is inspired by the original “doge” internet meme inspired by a Japanese Shiba Inu dog.
According to data from CoinGecko, Dogecoin remains on the rise by 5362 percent this year despite falling 8.4 percent at its current price of $0.176 in the last 24 hours. Dogecoin also ranks tenth on the overall cryptocurrency list in terms of market cap, with a valuation of $23.33 billion.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.