$4. 31 Billion in Dogecoin (DOGE) Transactions in 24 Hours: What’s Happening?

The transactions in Dogecoin (DOGE) have recently seen a massive jump in the number of big transactions valued at $4. 31 billion in just 24 hours only. This massive movement occurs despite a bearish trend in the overall cryptocurrency market that has also affected DOGE.

Dogecoin Whale Activity

Data from IntoTheBlock also reveals an uptick in large volumes, especially those transactions valued over $ 100, 000. While there was a 25% decrease in the large transaction metric over the last 24 hours, the total DOGE value of these transactions was $4. 31 billion. During this period, this activity comprised of more than 998 transactions.

As whales are buying DOGE when its price is near $0, the network necessary for decentralized finance should be established. With 1012, one can feel quite sure about the stability of the coin. For instance, the price of DOGE declined to $0. 009819 overnight, a level that many of the whales considered as a buyers territory.

It is not a rarity to observe the whales amass such balances in DOGE. The total volume of DOGE in the past one week is $9. 66 billion. However, the current high sales volume of the coin causes doubts about the possible consequences for the further dynamics of DOGE’s price.

Dogecoin and Market Rivals

Meme coins’ market remains dominated by Dogecoin, although increased competition is visible. SUNDOG, a meme coin in the market and on the Tron Network, is making its way in the market and providing good returns to the Investors. However, other meme competitors such as Shiba Inu and PEPE are also well established in the meme coin segment. Nevertheless, neither has reached the level of market capitalization of Dogecoin, although the latter emerged later.

As of now, Shiba Inu has been noted to work towards improvements in decentralized solutions through the Shibarium while Dogecoin is experiencing sporadic upgrades. These innovations and rivalry in the meme coin sector have further defined the trends in the investment within the crypto space.

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