{"id":652206,"date":"2024-11-08T14:00:48","date_gmt":"2024-11-08T14:00:48","guid":{"rendered":"https:\/\/wncen.com\/?p=652206"},"modified":"2024-11-08T11:22:27","modified_gmt":"2024-11-08T11:22:27","slug":"large-volume-dogecoin-price","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/dogecoin\/large-volume-dogecoin-price\/","title":{"rendered":"Large Transaction Volume Crashes 36% In 24 Hours As Dogecoin Price Fails At $0.2, Are Whales Selling?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The recent Dogecoin price rally<\/span><a href=\"https:\/\/wncen.com\/news\/dogecoin\/dogecoin-rockets-up-12-fomo-signal-end-rally\/\"><span style=\"font-weight: 400\"> appears to be losing steam<\/span><\/a><span style=\"font-weight: 400\"> following <\/span><a href=\"https:\/\/wncen.com\/analysis\/doge\/dogecoin-doge-jumps-0-2200\/\"><span style=\"font-weight: 400\">an impressive surge<\/span><\/a><span style=\"font-weight: 400\"> that pushed its price above $0.21 for the first time since April to mark a notable seven-month high. This intense week of upward movement has been <\/span><a href=\"https:\/\/bitcoinist.com\/dogecoin-price-23-elon-musk\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">followed by profit-taking<\/span><\/a><span style=\"font-weight: 400\"> by traders, which has triggered a pullback in the Dogecoin price. At the time of writing, the Dogecoin price has dipped below the $0.20 threshold again, bringing the idea of further price declines.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Adding to the concerns, on-chain data reveals a marked decrease in the volume of large transactions among Dogecoin holders. This drop in significant buying activity indicates waning enthusiasm from major investors, suggesting that the meme coin may face increasing pressure to hold onto recent gains.<\/span><\/p>\n<h2>Large DOGE Transaction Volume Crashes: Are Dogecoin Whales Selling?<\/h2>\n<p><span style=\"font-weight: 400\">Price action and on-chain data suggest Dogecoin traders are starting to take some profit after a week of intense price rally. Notably, on-chain <\/span><a href=\"https:\/\/app.intotheblock.com\/coin\/DOGE\/deep-dive?group=financials&amp;chart=largeTransactions\" rel=\"nofollow\"><span style=\"font-weight: 400\">analytics from<\/span><\/a><span style=\"font-weight: 400\"> IntoTheBlock (ITB) indicate that the volume of large Dogecoin transactions has dropped significantly, with a 36% decline observed in the past 24 hours.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/final-ascent-for-bitcoin-price\/\">Analyst Predicts \u2018The Final Ascent\u2019 For Bitcoin Price, Why A Rise To $300,000 Is Possible From Here<\/a><\/div>\n<p><span style=\"font-weight: 400\">The shift could signal that major holders of Dogecoin are starting to reduce their exposure to the meme cryptocurrency after capitalizing on recent gains. This interesting trend is revealed through IntoTheBlock&#8217;s &#8216;Large Transactions Volume in USD&#8217; metric, which tracks the collective value of transactions with a value of $100,000 or greater.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This &#8216;Large Transactions Volume in USD&#8217; puts the value of large DOGE transactions at $3.46 billion in the past 24 hours, which represents a 36% decline in the $5.38 billion volume registered on November 6. Interestingly, this change in trend is particularly noteworthy considering the fact that the trading volume <\/span><a href=\"https:\/\/wncen.com\/news\/dogecoin\/dogecoin-whales-2-10-billion\/\"><span style=\"font-weight: 400\">had been on an uptrend<\/span><\/a><span style=\"font-weight: 400\"> since November 2.\u00a0<\/span><\/p>\n<figure id=\"attachment_652220\" aria-describedby=\"caption-attachment-652220\" style=\"width: 460px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-652220\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/11\/Dogecoin-transactions.png?w=460&#038;resize=460%2C306\" alt=\"Dogecoin transactions\" width=\"460\" height=\"306\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/11\/Dogecoin-transactions.png?w=512 512w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/11\/Dogecoin-transactions.png?w=460 460w\" sizes=\"auto, (max-width: 460px) 100vw, 460px\"><figcaption id=\"caption-attachment-652220\" class=\"wp-caption-text\">Source: IntoTheBlock<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Similarly, the &#8216;Large Transactions Volume&#8217; metric shows that 17.76 billion DOGE tokens were moved in 2.72 transactions in the past 24 hours. This also represents a 36% reduction in the 27.7 billion tokens moved in 4,150 transactions on November 6.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-ceiling-at-137000\/\">Analyst Puts Bitcoin Price Ceiling At $137,000, But Is This The Highest BTC Can Go?<\/a><\/div>\n<h2>What Does This Mean For Dogecoin Price?<\/h2>\n<p><span style=\"font-weight: 400\">Such a steep decline in both transaction volume and the number of large trades may reflect a shift in market sentiment as whales appear to exercise caution. However, the decrease in large transaction activity doesn\u2019t necessarily indicate a widespread sell-off by big holders. It may simply reflect a pause in significant buying as whales hold back on adding to their positions in anticipation of a pullback.<\/span><\/p>\n<p><span style=\"font-weight: 400\">That said, price data suggests some holders are indeed selling. At the time of writing, Dogecoin is trading at $0.1984 and it could <\/span><a href=\"https:\/\/wncen.com\/dogecoin-2\/dogecoin-path-to-23-fibonacci-extensions-hint-at-massive-upside-with-musk-trump-influence\/\"><span style=\"font-weight: 400\">soon attempt another push<\/span><\/a><span style=\"font-weight: 400\"> above the $0.20 mark. On the flip side, a breakdown of the momentum could see Dogecoin retesting support at $0.187.<\/span><\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/ppMqz9AZ\/\" alt=\"Dogecoin price chart from Tradingview.com\" width=\"3286\" height=\"1518\"><figcaption class=\"wp-caption-text\">DOGE price targets $0.2 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">DOGEUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The recent Dogecoin price rally appears to be losing steam following an impressive surge that pushed its price above $0.21 for the first time since April to mark a notable seven-month high. This intense week of upward movement has been followed by profit-taking by traders, which has triggered a pullback in the Dogecoin price. At the time of writing, the Dogecoin price has dipped below the $0.20 threshold again, bringing the idea of further price declines. Adding to the concerns, on-chain data reveals a marked decrease in the volume of large transactions among Dogecoin holders. This drop in significant buying activity indicates waning enthusiasm from major investors, suggesting that the meme coin may face increasing pressure to hold onto recent gains. Large DOGE Transaction Volume Crashes: Are Dogecoin Whales Selling? Price action and on-chain data suggest Dogecoin traders are starting to take some profit after a week of intense price rally. Notably, on-chain analytics from IntoTheBlock (ITB) indicate that the volume of large Dogecoin transactions has dropped significantly, with a 36% decline observed in the past 24 hours.\u00a0 Related Reading: Analyst Predicts \u2018The Final Ascent\u2019 For Bitcoin Price, Why A Rise To $300,000 Is Possible From Here The shift could signal that major holders of Dogecoin are starting to reduce their exposure to the meme cryptocurrency after capitalizing on recent gains. This interesting trend is revealed through IntoTheBlock&#8217;s &#8216;Large Transactions Volume in USD&#8217; metric, which tracks the collective value of transactions with a value of $100,000 or greater.\u00a0 This &#8216;Large Transactions Volume in USD&#8217; puts the value of large DOGE transactions at $3.46 billion in the past 24 hours, which represents a 36% decline in the $5.38 billion volume registered on November 6. Interestingly, this change in trend is particularly noteworthy considering the fact that the trading volume had been on an uptrend since November 2.\u00a0 Similarly, the &#8216;Large Transactions Volume&#8217; metric shows that 17.76 billion DOGE tokens were moved in 2.72 transactions in the past 24 hours. This also represents a 36% reduction in the 27.7 billion tokens moved in 4,150 transactions on November 6. Related Reading: Analyst Puts Bitcoin Price Ceiling At $137,000, But Is This The Highest BTC Can Go? What Does This Mean For Dogecoin Price? Such a steep decline in both transaction volume and the number of large trades may reflect a shift in market sentiment as whales appear to exercise caution. However, the decrease in large transaction activity doesn\u2019t necessarily indicate a widespread sell-off by big holders. It may simply reflect a pause in significant buying as whales hold back on adding to their positions in anticipation of a pullback. That said, price data suggests some holders are indeed selling. At the time of writing, Dogecoin is trading at $0.1984 and it could soon attempt another push above the $0.20 mark. On the flip side, a breakdown of the momentum could see Dogecoin retesting support at $0.187. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":629937,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83685],"tags":[1785,89174,85675,7,1803,1804,79599,79600],"class_list":["post-652206","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-doge","tag-doge-news","tag-doge-price","tag-dogecoin","tag-dogecoin-news","tag-dogecoin-price","tag-dogeusd","tag-dogeusdt"],"acf":[],"yoast_head":"\n<title>Large Transaction Volume Crashes 36% In 24 Hours As Dogecoin Price Fails At $0.2, Are Whales Selling?<\/title>\n<meta name=\"description\" content=\"The recent Dogecoin price rally appears to be losing steam following an impressive surge that pushed its price above $0.21.\" \/>\n<meta name=\"robots\" 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