Large Transaction Volume Crashes 36% In 24 Hours As Dogecoin Price Fails At $0.2, Are Whales Selling?

Quick Summary:

Notably, on-chain analytics from IntoTheBlock (ITB) indicate that the volume of large Dogecoin transactions has dropped significantly, with a 36% decline observed in the past 24 hours.  Related Reading: Analyst Predicts The Final Ascent’ For Bitcoin Price, Why A Rise To $300,000 Is Possible From Here The shift could signal that major holders of Dogecoin are starting to reduce their exposure to the meme cryptocurrency after capitalizing on recent gains.

This interesting trend is revealed through IntoTheBlock’s ‘Large Transactions Volume in USD’ metric, which tracks the collective value of transactions with a value of $100,000 or greater.  This ‘Large Transactions Volume in USD’ puts the value of large DOGE transactions at $3.46 billion in the past 24 hours, which represents a 36% decline in the $5.38 billion volume registered on November 6.

Interestingly, this change in trend is particularly noteworthy considering the fact that the trading volume had been on an uptrend since November 2.  Similarly, the ‘Large Transactions Volume’ metric shows that 17.76 billion DOGE tokens were moved in 2.72 transactions in the past 24 hours.

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Article Details

Author / Journalist: Scott Matherson

Category: Crypto

Markets: United Kingdom

Topics: Dogecoin Dogecoin price Doge price Dogeusd DOGE news Doge Dogeusdt Dogecoin news

Source Website Secure: Yes (HTTPS)

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Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-08 @ 14:00:48 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 456 words

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Sentences: 65 lines

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