Dogecoin's Whopping 60.9B Movement In 24 Hours: A Bullish Sign?

A whopping 60.9 billion Dogecoin (CRYPTO: DOGE) has been transacted in the past 24 hours, hinting at a possible bullish trend for the meme cryptocurrency.

What Happened: Data from IntoTheBlock reveals that the large transaction volume of Dogecoin has surged by 40.1% in the last 24 hours, totaling $23 billion or 60.9 billion DOGE.

Large transactions, which are those exceeding $100,000, are usually a sign of intense buying or selling pressure. This surge aligns with a significant increase in DOGE’s price. This sudden spike in transaction volume may be indicative of rising investor confidence.

At the time of writing, DOGE is valued at $0.4614, marking a 2% increase in the last 24 hours. This rise has propelled weekly and monthly gains to 5.66% and 137.8% respectively, hinting that Dogecoin might be on the brink of a price surge.

Also Read: Dogecoin Whales Move $214.5M In A Single Day, Sparking Speculation

The surge in volume could lure short-term traders to wager on Dogecoin, possibly leading to an additional increase in market activity and averting a steep sell-off.

Last week the meme coin witnessed a substantial increase in trading volume, indicating a potential major price upswing.

Dogecoin's trading volume soared by 76.71%. This surge in momentum was supported by considerable whale activity, including a recent transfer of $120 million DOGE to an unidentified wallet.

Why It Matters: Historically, Dogecoin has demonstrated robust performance in December. For instance, DOGE posted a remarkable 337.5% gain in December 2017 and a more moderate rally of 32.4% in 2020.

Last year, DOGE’s price grew moderately by 7.01%. This trend positions DOGE as a cryptocurrency to keep an eye on this holiday season.

Read Next

Dogecoin’s Active Users On The Rise, Will This Impact DOGE Price?

Image: Shutterstock