Whales Keep Dogecoin Active Despite Price Drop

Why Are Whale Transactions Surging?

There has been a notable uptick in wallet addresses on the Dogecoin network, with on-chain activity hitting its highest point in seven months. The activity is largely driven by whales executing transactions exceeding $100,000, showcasing their sustained interest even in light of the recent price decline.

What Does This Mean for Dogecoin’s Future?

The high level of whale activity is a strong indicator of potential future price shifts. Although Dogecoin has seen fluctuations, the sustained transactions from large investors suggest that they continue to play a vital role in influencing market trends.

Recent statistics reveal the following key points:

• 63,689 active wallet addresses have engaged in numerous transfers over three days.
• 1,203 whale transactions occurred just before the price peak on September 28, marking a significant activity spike.
• Dogecoin’s trading volume surged by 42.59% to $1.31 billion during a 24-hour period, despite an 8.64% price drop.

As of now, DOGE is valued at $0.1082, reflecting recent market volatility. The sustained whale activity suggests that Dogecoin may still have significant movements ahead, despite current price challenges.

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