$1 Billion of Dogecoin Amid Market Dip: Here's What's Going On
Release: 2024/07/31 18:54 Reading: 544
Dogecoin Sees Surge in Large Transaction Volume
[Image via U.Today]
Dogecoin (DOGE), the leading dog-themed cryptocurrency by market capitalization, has experienced a significant increase in large transaction volume, reaching approximately $1.09 billion.
IntoTheBlock's Large Transaction Volume metric estimates the total amount transacted by whales and institutional participants within a specific period. Surges in this volume suggest increased activity among institutional players, indicating potential buying or selling.
Over the past 24 hours, Dogecoin's large transaction volume has been valued at $1.09 billion, equivalent to 8.61 billion DOGE.
Market Trend and Price Action
Despite the increase in large transaction volume, the overall market trend remains bearish. Dogecoin has traded in the red, with a current price of $0.125, down 3.16% in the last 24 hours and 5.42% weekly.
After several days of decline, Dogecoin rebounded slightly from its 50-day Simple Moving Average (SMA) at $0.123, suggesting that bulls may be attempting to establish the level as support. However, the impact of this move remains to be seen.
Technical Outlook
If bulls successfully flip the daily SMA 50 into support, Dogecoin's price may experience a relief rally, targeting the daily SMA 200 at $0.134. A sustained breach of this level could result in buyers pushing the price above $0.14, potentially initiating an upward trend towards $0.18.
Alternatively, bears may attempt to push the price below the support at $0.12. If successful, selling pressure could increase, leading to a potential decline towards $0.10.
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