Since Election Day, Dogecoin (DOGE), a meme token, has had an incredible surge, rising by almost 150%. Additionally, Dogecoin has increased by almost 360 percent this year. Other investors who had previously been on the sidelines have been encouraged to participate in the cryptocurrency market by President-elect Donald Trump.
The largest cryptocurrency in the world, Bitcoin, has surpassed $100,000, leading many to predict that the surge will go until 2025. However, as Bitcoin has increased by more than 300% from its lows this year, both long-term investors and short-term traders are cashing in on their gains, which is increasing the pressure to sell. Investors expect the Federal Reserve to keep cutting interest rates and are optimistic about a more friendly regulatory environment.
Dogecoin (DOGE) Sees Massive 60.9 Billion Transaction Volume, Sparking Investor Confidence
A potential positive trend for the meme cryptocurrency is suggested by the stunning 60.9 billion Dogecoin exchanged in the last day. According to data from IntoTheBlock, Dogecoin’s high transaction volume increased by 40.1% over the previous day, reaching $23 billion, or 60.9 billion DOGE.
Large transactions, which are those above $100,000, are frequently an indication of major purchasing or selling pressure. This spike coincides with a notable rise in DOGE’s price. An abrupt increase in transaction volume might be a sign of growing investor confidence.
The spike in volume could draw short-term traders to place bets on Dogecoin, potentially preventing a sharp sell-off and generating more market activity. The meme coin’s trading volume increased significantly last week, suggesting a possible significant price gain.
Dogecoin Sees Increased Whale Activity Amid Emerging Rounded Bottom Pattern
As technical experts spot a rounded bottom pattern developing in the price structure, recent market data shows heightened whale activity in Dogecoin markets. Large holdings are actively accumulating at the time of the development.
According to price statistics, DOGE is now trading around $0.44 after declining by 4.31% in value during the last day. This brief price fluctuation takes place inside the broader technical framework, according to market experts.
According to trading statistics, there has been constant market activity on all of the major exchanges, sustaining the volume levels required for price discovery. The market depth shows that different trader segments are actively participating.
According to blockchain research, a significant wallet address just added 1.5 million more DOGE coins to its already sizable holdings. As the technical pattern develops further, this accumulation happens.
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