Amidst Broad Market Resurgence, Dogecoin (DOGE) Surpasses Bitcoin (BTC) in Large Transaction Volume and Wallet Activity

The data shows Dogecoin outperforming Bitcoin in large transaction volume and daily active addresses by 41.12% and 34.91% respectively.

Amid the broad market resurgence experienced today, April 21, Dogecoin made headlines after posting significant gains in large transaction volume and wallet activity, surpassing Bitcoin, according to data from blockchain analytics firm IntoTheBlock.

The data shows Dogecoin outperforming Bitcoin in large transaction volume and daily active addresses by 41.12% and 34.91% respectively. Bitcoin, on the other hand, recorded declines of 11.26% in large transaction volume and 10.25% in daily active addresses despite the general market rebound.

Bitcoin still leads in price and trading volume

Despite Dogecoin’s standout performance in whale and user activity, Bitcoin maintained its dominance in daily gains and trading volume. According to CoinMarketCap, Bitcoin recorded daily gains of over 3% and a massive 206.23% surge in trading volume during the market rally.

Dogecoin, by comparison, saw only a modest price increase of 0.69% since the previous day, although its trading volume jumped by 71.40%.

While Bitcoin remains the top choice for daily traders and retail investors, the drop in its large transaction volume suggests that corporate and high-profile investor activity may have slowed. This has seemingly opened the door for DOGE whales to step in.

Dogecoin (DOGE) price analysis: A look at the latest developments and what to expect next

However, Bitcoin’s daily gains pale in comparison to the astronomical rise in trading volume. Since yesterday, BTC’s trading volume soared by a staggering 703.66%, likely influenced by the recent market recovery.

On the other hand, despite a 2.60% decline in the past 24 hours, Chainlink’s price performance has been less impressive compared to Bitcoin and Dogecoin.

Nonetheless, LINK is still showing signs of recovery after a 14.88% drop in the past seven days.

In terms of liquidity, Chainlink experienced a decrease in both small and mid-tier transactions, with transaction volume dropping by 24.96%.

The decrease in small transactions may indicate reduced activity from retail investors, while the reduction in mid-tier transactions suggests less involvement from institutions.

Despite this, Chainlink still outperformed Bitcoin in large transaction volume, which fell by 1.25% for BTC.

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