According to data tracked by blockchain analysis firm Glassnode, Dogecoin (DOGE) experienced a significant increase in transactions above $ 100,000.
Dogecoin Experiencing an Increase in High Volume Transactions
The sudden increase signals new interest in DOGE from larger financial institutions, often referred to as “whales” and institutional investors.
The data shows a significant fluctuation in trading volumes; The highest level of the last seven days reached $2.12 billion on November 17, while the lowest level was $965.41 million on November 18.
This trend is particularly notable considering that Dogecoin is a more community-focused and less corporate-driven cryptocurrency.
Analysts think that this increase in whale activity could herald a significant price movement in the near future.
Despite the recent increase in trading volumes and investor interest, Dogecoin remains well away from its all-time high (ATH).
According to CoinGecko data, it is currently 89.65% below its peak value. The current price of DOGE is at $0.075715 and is far from its historical highs.
Market data reveals that more than 40% of Dogecoin holders are holding losses even in light of the recent price increase.
*This is not investment advice.