Dogecoin (DOGE) has witnessed a significant surge in transactions exceeding $100,000 in the past month. This came when the meme coin experienced a substantial price spike.
More whale activity
This sudden spike indicates a newfound interest in DOGE from larger financial entities, commonly referred to as “whales” and institutional investors.
The data shows a substantial fluctuation in transaction volumes, with the highest in the last seven days reaching $2.12 billion on Nov. 17, and a low of $965.41 million on Nov. 18.
Related
This trend is particularly notable given Dogecoin’s reputation as a more community-focused and less institutionally driven cryptocurrency.
Analysts speculate that this increase in whale activity could be a precursor to a significant price movement in the near future.
A reality check
Despite the recent surge in transaction volumes and investor interest, Dogecoin remains considerably distant from its all-time high (ATH). It is currently at 89.65% of its peak value, according to CoinGecko data.
The current price of DOGE stands at $0.075715, a stark contrast to its historical highs.
Moreover, the market data reveals that over 40% of Dogecoin holders are experiencing losses, even in light of the recent price increase, according to IntoTheBlock data.
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