Benzinga - Dogecoin (CRYPTO: DOGE) has seen a significant uptick in transactions throughout February, according to a report by IntoTheBlock, a market intelligence company.
What Happened: Starting January 30, DOGE has reportedly handled over one million transactions every day. The activity reached a high on February 2, with transactions soaring to 1.9 million.
Dogecoin has processed more than 1M transactions every day since the 30th of January! pic.twitter.com/dpj83QLQr2— IntoTheBlock (@intotheblock) February 19, 2024
The data point being observed is the “Number of Transactions,” a measure which logs the complete volume of transfers among addresses.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: A rise in transactions indicates robust activity, signaling that Dogecoin is currently receiving interest from investors and traders alike.
IntoTheBlock notes a surge in Dogecoin whale movement. These whales are those valued at over $100,000. In the past 24 hours.
This pattern of high-value transactions has grown in the past week, peaking at 1,380. In the last 24 hours alone, the amount of Dogecoin exchanged in large transactions has hit 12.63 billion DOGE, which is equal to around $1.09 billion in value.
Price Action: At the time of writing, DOGE was trading at $0.085, down 3.75% over the past 24 hours, as reported by Benzinga Pro.
Photo Courtesy: Shutterstock.com
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