In only one day, Dogecoin witnessed a massive volume of 1.4 billion DOGE moved, indicating that large players, or “whales,” are having a substantial impact on the market. This volume, which is reflected in the size of the transactions, may indicate that the meme-based cryptocurrency is approaching a pivotal point.
The massive volume of USD transactions shows that there is now a positive movement of capital into and out of Dogecoin. Because whales’ activities can have a substantial impact on the market, it is common for volatility to precede their large financial movements.
The real number of major transactions has increased in tandem with the USD volume. This measure is important since it displays the frequency as well as the magnitude of significant deals. Generally speaking, a rise in the volume of large transactions signals the interest of larger investors, which, depending on the kind of transaction (buy or sell orders), can result in more liquidity and occasionally more stability in the price of a cryptocurrency.
Big Deals Volume is a measure of how much Dogecoin is really exchanged in these big transactions. These increases are a sign that whales are either selling big quantities to realise gains or reallocate their assets, or they are consolidating their holdings by acquiring additional DOGE.
Dogecoin is now trading close to the 50-day Exponential Moving Average (EMA), which is a crucial technical level. Now that the price has reversed from a local high of $0.16 to $0.15, the 100-day EMA is the centre of attention. Since this level hasn’t been tested recently, its durability is unknown, thus it could not hold as a solid support.
Should whale activity persist, a possible move towards the 200-day Moving Average (MA) around $0.12 may be approaching. Large holders’ actions like this have the power to shake up the trading scene and affect not just price but also trader confidence and market momentum.
