- Dogecoin’s trading activity has surged, reaching over $1 billion in the last 24 hours, primarily driven by institutional players and whales.
- Despite the recent consolidation phase, 75% of Dogecoin holders are currently in profit, indicating a broader bullish trend for the meme coin.
Trading activity for the world’s largest memecoin Dogecoin (DOGE) has shot up significantly clocking more than $1 billion in the last 24 hours. Data from IntoTheBlock shows the Large Transaction Volume estimated the total transaction volumes dominated largely by institutional players and whales. The growing Large Transaction Volume rising activity among institutional players, which could include either buying or selling, per the CNF report.
This week has been a week of volatility for Bitcoin and the broader crypto market. As Bitcoin and the broader crypto market continue to see strong volatility, the Doecoin (DOGE) price has also entered a steep correction dropping 5.65% at press time, trading at $0.1195 with a market cap of $17.36 billion.
Interestingly, the Dogecoin price is still respecting its 50-day simple moving average (SMA) hinting that the bulls might stage a bounce back from the support levels.
If bulls can turn the daily SMA 50 into a support level, Dogecoin’s price could experience a relief rally, aiming for the daily SMA 200 at $0.134. Should a sustained breakthrough occur, buyers might attempt to push the price above $0.14, initiating an upward trend toward $0.18.
On the other hand, if the Dogecoin bears manage to pull down the price below the strong support of $0.12, they could further send it to $0.10, as reported by Crypto News Flash.
75% of Dogecoin Holders In Profit
Dogecoin (DOGE) continues to struggle, consolidating along with the broader market. However, there are signs of a potential rebound.
Data from IntoTheBlock shows that 75% of DOGE holders are currently in profit. Remarkably, most holders have avoided losses despite the coin’s lack of significant movement. This is a major bullish indicator, suggesting that the overall situation isn’t too bleak.
As the largest meme coin by market capitalization, Dogecoin consistently enjoys strong community support. Increasing holder profitability is likely to boost confidence among DOGE holders and may encourage more traders to invest, potentially leading to substantial gains.
Most importantly, this metric indicates that DOGE is in a broader bullish trend despite the ongoing consolidation phase. The meme coin has not entered a bearish run, as it remains well above key support levels. The current stagnation is largely due to broader volatility in the crypto market.
As reported by Crypto News Flash, tech billionaire Elon Musk has once again revealed his soft spot for Dogecoin. during a recent podcast appearance on the X Takeover, Musk expresses his view about Bitcoin and other cryptocurrencies. Although Musk has expressed support for Dogecoin in the past, he said that any promotion is just for fun’s sake.
