Large transaction surges are typically linked to increased activity from whales
According to data from IntoTheBlock, the Dogecoin whales, or large holders, are on the move, with large transactions up nearly 45% in the past 24 hours. Large increases in transactions are usually related to increased activity of whales buying or selling, and a transaction is usually over $100,000.
This follows the transfer of 600 million Dogecoins to Robinhood in four separate transactions. According to the Dogewhale alert, the largest of them had moved 299,000,000 DOGE, while the others had 100,000,000 DOGE transferred each.
Per WhaleStats’ report, Dogecoin ranks among the top 10 most purchased assets among the top 100 BSC whales in the last 24 hours.
Dogecoin also ranks among the most used smart contracts in the top 1,000 and 4,000 BSC whales in the last 24 hours.
Earlier in the week, Tesla CEO Elon Musk reiterated his support for Dogecoin, offering one reason why he supports the meme coin. In an interview at the Qatar Economic Forum in Doha, Musk told Bloomberg, “A lot of people who are not that wealthy have encouraged me to buy and support Dogecoin. I’m responding to those people.”
Elon Musk continues to be a strong supporter of Dogecoin. The cryptocurrency meme’s ascent to all-time highs of $0.76 in May 2021 coincided with Musk’s appearance on “Saturday Night Live.” At current prices, Dogecoin remains 90.97% down from its all-time high. Dogecoin also ranks 10th in the ranking of cryptocurrencies by market capitalization.
Dogecoin price action
Dogecoin rebounded from lows of $0.04 on June 18 and has ticked slightly higher. Bulls are making a pass at the $0.07 mark from which Dogecoin may proceed to test the daily MA 50 barrier at $0.08. At the time of publication, Dogecoin was changing hands at $0.06, marginally up in the last 24 hours and up 23.17% in the past week, per CoinMarketCap data.
According to data from IntoTheBlock, the profitability of the top cryptocurrency meme also increased to 52%.
