Large Transaction Volume for Dogecoin (DOGE) Increases by Nearly 120 Percent in 24 Hours

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Data from IntoTheBlock indicates that yesterday saw a spike in whale transaction volume for the biggest meme coin, Dogecoin. The data reveals a staggering 118 percent increase in the volume of transactions worth at least $100,000 for the cryptocurrency.

The meme-based cryptocurrency project recorded a staggering $1.12 billion in whale transactions with a minimum value of over $100,000 over the past week, following a spike in high-value Dogecoin transactions.

A Mixture of Sales and Purchases

It is important to note that the volume of transactions among whale investors includes both buys and sells. The price movement of the meme coin over the past week suggests a balance in the volume of DOGE purchased and sold, even though it is unclear whether most transactions consist more of DOGE purchases or sales.

Read also: Elon Musk Says He Never Asked Anyone to “Invest In Crypto” Amid Ongoing $258B Dogecoin Lawsuit

DOGE Price Variations

Dogecoin has increased 24 percent over the past seven days, from $0.061 to a high of $0.078. However, the cryptocurrency fell sharply yesterday, along with other virtual currencies, by almost 10%. When this sentence was written, Dogecoin was worth approximately $0.071.

Dogecoin, meanwhile, has lost a significant portion of its value since it reached an all-time high of $0.73 on May 8, 2021. The cryptocurrency has decreased 90.3 percent since reaching an all-time high last year, according to data on Coingecko.

Position of Investors In DOGE

Despite the dramatic decline in value since the all-time high, more DOGE holders are currently making money than losing money. According to data from IntoTheBlock, at the current price, 53% of holders are in profit, and 45% are currently losing money. The remainder of the holders have reached breakeven.

The cryptocurrency has suffered significant losses, but DOGE supporters remain optimistic that its value will rise to its all-time high.

Related article: Dogecoin Founder Says DOGE Cannot Reach Previous ATH of $0.74 Again

That’s because many well-known people still support the cryptocurrency, including Elon Musk, who was recently sued for promoting Dogecoin’s adoption. Nevertheless, Musk claims he will continue to support doge despite the lawsuit.

Billy Marcus, the other co-creator of Dogecoin, regrettably disagrees, stating last week that the cryptocurrency might never reach its previous all-time high of $0.73.