Dogecoin (DOGE) Large Transaction Volume Spikes 29.27% to $1.1B, Network Activity Jumps

According to IntoTheBlock data, dog-themed cryptocurrency Dogecoin (DOGE) is reporting a staggering $1.1 billion in large transaction volume

Large cryptocurrency transactions, defined as those exceeding $100,000, have become a key metric for gauging the activity of whales or institutional players in the market.

According to IntoTheBlock data, dog-themed cryptocurrency Dogecoin (DOGE) is reporting a staggering $1.1 billion in large transaction volume. This volume, which amounts to 8.15 billion DOGE in crypto terms, has seen a 29.27% surge in the last 24 hours.

The large transaction volume coincides with a jump in activity on the Dogecoin network. IntoTheBlock data shows a noticeable spike in the number of transactions on the network over the past 24 hours.

The number of transactions surged nearly 100% within this time frame, rising from 95,390 on July 26 to 196,300 on July 27. Dogecoin is also seeing high activity levels, with 1.1 million active addresses over the past 24 hours.

Dogecoin price action

As the dust settles, all eyes are on the Dogecoin price as it awaits its next major move. At the time of writing, Dogecoin had fallen 5.32% in the previous 24 hours to $0.13, matching the general market decrease.

Meanwhile, Dogecoin trading volume is up 87% in the last 24 hours to $1.28 billion as traders pile in and out of Dogecoin.

After falling for four days in a row, Dogecoin posted a strong rebound on July 26. However, bulls were unable to sustain the move as Dogecoin encountered resistance at highs of $0.1389 on July 27.

Dogecoin subsequently retreated and is sustaining losses, on track to mark the second day of declines if today closes in red.

In the event of a rebound, bulls may attempt to push Dogecoin prices above $0.14. If they succeed, Dogecoin might surge above $0.18, where bulls might meet strong selling from bears.

On the other hand, if the Dogecoin price turns down from current levels, the $0.12 level is envisaged as support. A dip below this level might increase selling and send Dogecoin to $0.10, where bulls are anticipated to intervene.