A tremendous surge of significant transactions, totaling over $5 billion in the last day for Dogecoin, the largest dog-themed cryptocurrency by market value, suggests activity by institutional participants.
The spike in big transactions is accompanied by a decline in Dogecoin’s price, which is declining along with the whole cryptocurrency market.
Even if certain economic sectors are showing signs of slowing down, another robust inflation data supported the belief that the Federal Reserve will not be in a rush to lower interest rates, which led to a decline in U.S. shares and cryptocurrency prices. Bitcoin dropped as low as $65,565 before beginning to rise a little.
In response to remarks made by Tesla CEO and supporter of Dogecoin, Elon Musk, Dogecoin also declined, erasing a day earlier’s surge.
Musk was questioned about whether Tesla will accept the asset as payment for cars during a recent visit to a facility close to Berlin. In a video that went viral on X, Musk expressed his desire for the massive manufacturer of electric cars to take this action.
Due to Musk’s remarks yesterday, Dogecoin’s price surged to a high of $0.206 before falling in today’s trade. As of this writing, DOGE has dropped 8% to $0.164 during the previous day.
Based on market capitalization, Dogecoin is the ninth-largest digital asset, valued at $23.54 billion, according to CoinMarketCap statistics.
Dogecoin’s large transaction volume skyrockets by 92.81%
According to IntoTheBlock statistics, the number of Dogecoin big transactions—those worth more over $100,000—has increased 92.81% in the past day to reach $5.29 billion.
The overall amount that whales and institutional players trade on any given day is estimated by Large Transaction Volume. Increases in the number of transactions indicate that institutional players are actively purchasing or selling.
In this context, Whale Alert saw an 86 million DOGE transfer, in which $14,123,854 of Dogecoin was sent from an unidentified wallet to Robinhood.
