Dogecoin Large Transactions On The Rise — Can This Fuel DOGE Price Recovery?
06 Outubro 2024 - 10:00AM
NEWSBTC
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 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. 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?
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. Featured image created by Dall.E,
chart from TradingView
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