The recent surge in Dogecoin’s network activity has caught many eyes. According to IntoTheBlock data, Dogecoin (DOGE) reported a massive $1.1 billion in large transaction volume, indicating significant whale activity.
Large Transactions and Whale Activity
Large transactions, those over $100,000, are often linked to whales or institutional players. In the past 24 hours, Dogecoin experienced a 29.27% increase in large transaction volume, totaling 8.15 billion DOGE. Typically, such surges suggest active buying or selling by large holders.
Increased Network Activity
This spike in large transactions aligns with a notable jump in Dogecoin network activity. Data from IntoTheBlock shows a significant rise in the number of transactions, nearly doubling from 95,390 on July 26 to 196,300 on July 27.
Dogecoin Price Action
All eyes are now on Dogecoin’s price as it anticipates its next major move. At the time of writing, Dogecoin had decreased by 5.32% in the last 24 hours, sitting at $0.13, which mirrors the general market trend. However, trading volume has surged 87% to $1.28 billion as traders actively buy and sell Dogecoin.
After four days of decline, Dogecoin rebounded strongly on July 26. However, bulls could not maintain this momentum, facing resistance at $0.1389 on July 27. Since then, Dogecoin has retreated and is on track for a second consecutive day of losses if it closes in red today.
Potential Price Movements
If a rebound occurs, bulls might push Dogecoin above $0.14. Success in this area could see prices surge past $0.18, although strong selling pressure from bears is expected. Conversely, if Dogecoin drops from current levels, the $0.12 level is anticipated to act as support. A dip below this threshold could lead to increased selling, potentially sending Dogecoin down to $0.10, where bulls are likely to step in.
