Something strange has been happening with Dogecoin over the past 24 hours. The number of large transactions involving the meme cryptocurrency has significantly increased, while their overall volume has decreased. Let's delve into the details.
Increase in Large Transactions
According to IntoTheBlock, the number of large Dogecoin transactions, each valued over $100,000, jumped from 571 to 717. This is an increase of 146 transactions, representing an additional $14.6 million in transaction activity.
Decrease in Total Volume
Despite the increase in the number of large transactions, the total volume of these operations has decreased over the past 24 hours. It went from 7.82 billion DOGE to 7.51 billion DOGE, which in dollar terms is a decrease from $806.06 million to $754.08 million.
Reasons and Conclusions
The most likely reason for this anomaly is the decrease in the average size of large transactions. Yesterday, the average large transaction size was around $1.41 million, but now it is down to $1.05 million. Despite the decrease, the average size of these transactions is still more than 10 times higher than typical Dogecoin transactions. This indicates that there is still a lot of big money moving around the market, and while the volume has decreased, the activity of large holders remains significant, showing ongoing interest from influential participants.
Despite the decrease in the average size of large transactions, there remains significant interest in Dogecoin. The market shows that large holders are still actively engaged in dealing with the meme cryptocurrency.
Comments