Dogecoin's 60.9B 24-Hour Transaction: A Potential Bullish Signal
Dec 8, 2024 at 5:45 PM
A whopping 60.9 billion Dogecoin DOGE/USD has been transacted in the past 24 hours, sparking speculation about a possible bullish trend for this meme cryptocurrency. The data from IntoTheBlock shows a significant surge in transaction volume, with a 40.1% increase in just the last 24 hours, totaling $23 billion or 60.9 billion DOGE. Large transactions, typically exceeding $100,000, often indicate intense buying or selling pressure. This surge in volume aligns with a notable increase in DOGE's price. The sudden spike in transaction volume may be a sign of rising investor confidence.At the moment, DOGE is valued at $0.4614, marking a 2% increase in the last 24 hours. This upward movement has propelled weekly and monthly gains to 5.66% and 137.8% respectively, hinting that Dogecoin might be on the verge of a significant price surge.Also Read: Dogecoin Whales Move $214.5M In A Single Day, Sparking SpeculationThe surge in volume has the potential to attract short-term traders who might wager on Dogecoin, potentially leading to an 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 momentum was supported by considerable whale activity, including a recent transfer of $120 million DOGE to an unidentified wallet.Historically, Dogecoin has shown remarkable performance in December. For example, in 2017, DOGE posted a remarkable 337.5% gain, and in 2020, it had a more moderate rally of 32.4%. Last year, DOGE's price grew moderately by 7.01%. This trend positions DOGE as a cryptocurrency to closely monitor during this holiday season.Read NextDogecoin's Active Users On The Rise, Will This Impact DOGE Price?Image: ShutterstockMarket News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
