I woke this morning to good news from the crypto world: Dogecoin (DOGE) has recorded some surges in large transaction volumes, while a somewhat encouraging price increase is clear. For those following Dogecoin, it is one of those much-needed optimistic moments.
Let's get into the numbers: according to IntoTheBlock, Dogecoin has seen $1 billion in large transaction volumes within the last 24 hours alone. Yes, you read that right, $1 billion! These sprawling transactions, categorized as those over $100,000, foreshadow a sea change among institutional whales. The big fish in the crypto sea are making serious waves.
8.45 billion DOGE transacted means a 37% increase in large transactions. This shows that Dogecoin's price surged by an additional 5% to as high as $0.1231, which is even more exciting. Although this might not appear to be a gigantic leap to some, for the most part, in cryptocurrency, 5% is a move. Especially if we consider that during the last few days the price of Dogecoin was steadily declining and precisely following the general market trend. For many of us, it was painful to watch the value of our DOGE shrink. But now we appear to have reached a turning point.
What is driving this rebound?
A few theories are floating around. After days of selling pressure, it seems buyers stepped back in, eager to scoop up Dogecoin at what they perceive to be bargain prices. This is a classic move in any market: buy low, sell high.
But it's more than just bargain hunting. The sentiment in the crypto market might be changing, with investors looking for new opportunities. Recent activity has made Dogecoin one of the more attractive options.
It's hard not to feel a kind of renewed optimism within the Dogecoin community. The surge has rejuvenated the DOGE market, acting as an overt reminder that things can turn on their head in cryptocurrency. Just days ago, it was concern and doubt; today, it's hummed excitement and hope.
Of course, one has to keep a cool head. The crypto market is infamous for its volatility. Today's news could be fantastic, but as an investor, stay informed and do not act on simple impulses. However, we cannot deny that this shoves Dogecoin transaction volumes and price to a good omen, it indicates that interest is still huge. Belief in DOGE is intact for the big players and the everyday investor.