Dogecoin Whale Transactions Skyrocket, Spiking 152%

Vignesh Karunanidhi
Dogecoin (DOGE) Price Prediction: August-End 2023

Dogecoin is a popular meme coin that has inspired many other animal-themed cryptocurrencies. DOGE paved the path for the numerous cats and dogs that are flooding the meme coin realm. Meme coins were primarily developed as a joke, as their name suggests. However, over time, they have gained prominence as an important niche.

While other meme coins come and go, Dogecoin has earned its reputation among the meme coin community. According to the latest data from IntoTheBlock, there has been over a 152% spike in Dogecoin whale transactions that are valued at over $100,000 in the last 24 hours.

Also read: Mark Cuban’s Blueprint for SEC-Proofing the Crypto Market

Source: IntoTheBlock

Dogecoin whale transactions see a notable spike

Dogecoin whales have recently been quite active in trading the largest meme coin, despite the price drop. IntoTheBlock data shows that 65% of the DOGE supply is held by large holders. In the last seven days, transactions by Dogegoin Whales greater than $100k have recorded over $2.2 billion.

According to CoinMarketCap, Dogecoin is trading at $0.07115 at press time, with a 1.2% spike in value over the last 24 hours. DOGE, however, is not at its best in 2023. In the last 30 days, DOGE has lost over 13.8% in value despite the meme coin frenzy that saw Pepe Coin surge by over 5,000%.