Dogecoin (DOGE) has witnessed a significant increase in transactions exceeding $100,000 over the past month. This happened when the meme coin saw a substantial price increase.
More whale activity
This sudden rise indicates new interest in DOGE from large financial entities, commonly known as “whales,” and institutional investors.
The data shows a substantial fluctuation in trading volumes, with the highest over the past seven days reaching $2.12 billion on November 17 and the lowest of $965.41 million on November 18.
This trend is particularly notable given Dogecoin’s reputation as a more community-focused and less institutional cryptocurrency.
Analysts believe this increase in whale activity could be a harbinger of a significant price movement in the near future.
A reality check
Despite the recent increase in trading volumes and investor interest, Dogecoin remains significantly off its all-time high (ATH). It currently stands at 89.65% of its peak value, according to CoinGecko data.
DOGE’s current price stands at $0.075715, a stark contrast to its all-time highs.