A significant Dogecoin transaction once again attracted market attention. A major asset holder acquired 1.58 million DOGE, emphasizing the growing role of institutional investors.
Purchase of 1.58M DOGE
The largest DOGE holder, associated with the Ethereum address theunipcs.eth, acquired 1.58 million coins for 121 ETH, equivalent to approximately $449,000. This reaffirms their accumulation strategy and reflects their influence on the DOGE ecosystem. The holder's total share now accounts for 3.66% of the entire DOGE supply, highlighting their substantial stake in the cryptocurrency.
DOGE/USD Chart Analysis
The DOGE/USD pair has declined by 3% over the last 24 hours, consolidating near the $0.42014 level. Current price action is holding around the $0.42298 resistance level, which is also validated by key moving averages. The Alligator indicator suggests consolidation and subdued bullish momentum. Notably, resistance levels exist at $0.500 and $0.42755, while support is seen close to $0.400.
DOGE Adaptation Through Large Transactions
Dogecoin transaction volume has seen a significant increase, especially with large amounts. According to IntoTheBlock, transactions above $1 million have increased by 164.07% over the past 30 days. These larger transactions indicate growing interest from institutional investors in DOGE. The total number of transactions in the $1M–$10M range increased by 72.14%, reflecting significant investment activity.
The growing activity of whales and institutional investors continues to strengthen DOGE's position in the market, making it attractive to various levels of traders and investors.
