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An analysis of data provided by IntoTheBlock has revealed a sharp spike in large transactions involving Dogecoin ($DOGE), the largest and most popular meme cryptocurrency. For instance, the number of transactions, each exceeding $100,000, has nearly tripled in the past two days.
Thus, the volume of $DOGE involved in such transactions rose from 6.52 billion $DOGE to 17.69 billion $DOGE in just 48 hours. In terms of dollars, this represents a jump from $1.04 billion to $2.86 billion.
The metric provides valuable insights into the activities of institutional players and “whales” on the market. The increase in large transaction volume indicates growing interest in Dogecoin from influential whales.
$DOGE price pump coming?
It may also hint at the growing enthusiasm of these investors toward the valuation of $DOGE, who may be anticipating a surge in the price of the popular meme cryptocurrency. It is likely that major players recognize $DOGE as a potentially lucrative asset for investment or speculative purposes.
The total number of $DOGE transactions exceeding the equivalent of $100,000 currently stands at 1,520, up from 975 transactions recorded just 48 hours earlier. As $DOGE continues to gain momentum and acceptance, the coming days are likely to see further changes in market dynamics.
Currently, Dogecoin is priced at $0.16 per token, giving it a total market capitalization of $23.1 billion and making the meme cryptocurrency the eighth largest digital asset, according to CoinMarketCap.