Large Transaction Volume Crashes 36% In 24 Hours As Dogecoin Price Fails At $0.2, Are Whales Selling?
08 Novembre 2024 - 3:00PM
NEWSBTC
The recent Dogecoin price rally appears to be losing steam
following an impressive surge that pushed its price above $0.21 for
the first time since April to mark a notable seven-month high. This
intense week of upward movement has been followed by profit-taking
by traders, which has triggered a pullback in the Dogecoin price.
At the time of writing, the Dogecoin price has dipped below the
$0.20 threshold again, bringing the idea of further price declines.
Adding to the concerns, on-chain data reveals a marked decrease in
the volume of large transactions among Dogecoin holders. This drop
in significant buying activity indicates waning enthusiasm from
major investors, suggesting that the meme coin may face increasing
pressure to hold onto recent gains. Large DOGE Transaction Volume
Crashes: Are Dogecoin Whales Selling? Price action and on-chain
data suggest Dogecoin traders are starting to take some profit
after a week of intense price rally. 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. This also represents a 36% reduction in the 27.7 billion
tokens moved in 4,150 transactions on November 6. Related Reading:
Analyst Puts Bitcoin Price Ceiling At $137,000, But Is This The
Highest BTC Can Go? What Does This Mean For Dogecoin Price? Such a
steep decline in both transaction volume and the number of large
trades may reflect a shift in market sentiment as whales appear to
exercise caution. However, the decrease in large transaction
activity doesn’t necessarily indicate a widespread sell-off by big
holders. It may simply reflect a pause in significant buying as
whales hold back on adding to their positions in anticipation of a
pullback. That said, price data suggests some holders are indeed
selling. At the time of writing, Dogecoin is trading at $0.1984 and
it could soon attempt another push above the $0.20 mark. On the
flip side, a breakdown of the momentum could see Dogecoin retesting
support at $0.187. Featured image created with Dall.E, chart from
Tradingview.com
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