These developments, which indicate a surge in interest among large-scale token holders, could act as a catalyst to push the Dogecoin price towards the coveted $1 mark. Increase In Dogecoin Transaction Volume And Daily Addresses In the crypto market, large-scale transactions involving significant amounts of a specific cryptocurrency are often associated with entities known as whales,’ who execute strategic moves that have the potential to influence market trends.
Moreover, the sharp surge could indicate growing interest from institutional investors or whales who see potential in the meme coin’s future trajectory. According to ITB’s data, there has also been a notable spike in Dogecoin’s daily active addresses, recording a 34.91% increase that points to broader adoption and an increase in the meme coin’s network activity. As a blockchain metric, daily active addresses measure the number of unique wallet addresses involved in transactions of a particular cryptocurrency within 24 hours.
Recently, IntoTheBlock revealed that Dogecoin has recorded a massive increase in its large transaction volume, skyrocketing by an impressive 41.12% to reach $23.35 billion. Related Reading: Ethereum Gets Massive $12,000 Price Tag From Research Lead Ahead Of Major Upgrade This significant increase in Dogecoin’s large transaction volume suggests heightened engagement and activity among deep-pocketed players.
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