Dogecoin shows signs of abnormal activity. While many major cryptocurrencies are paying attention to the decline in key metrics, Dogecoin’s on-chain data is heading in a different direction.
According to Intotheblock data, one outstanding figure is the large transaction volume of Crypto Asset.
Over the past 24 hours, Dogecoin has seen massive deals worth $233.5 billion. This is an increase of 41.12%. This is the biggest jump compared to Bitcoin and Ethereum.
This sudden rise in volume means a large holder, or a whale, is in motion. For traders, such shifts often occur before price changes reach a wider market.
Compared to Bitcoin and Ethereum, the higher performance of Dogcoin stands out. Both BTC and ETH are down, indicating a decline in large transactions. But Doge draws in more users and bigger moves.
In the last 24 hours, Dogecoin’s massive transaction volume has more than doubled its massive transaction volume of $997 billion after a 6.64% drop. Bitcoin recorded $56.06 billion in massive transfers despite being the largest asset by market capitalization, but its volume fell by 16.06%.
This contrast is important. Both Bitcoin and Ethereum have seen whales falling activity, but Dogecoin is moving in the opposite direction.
Doge Active Address Jump 35%
At the same time, DogeCoin’s daily active addresses are up 34.91%. It rose 34.91% to 157,190. This is well above the 1.39% increase for Ethereum and a 3.75% increase for Bitcoin. Bitcoin and Ethereum still lead in raw numbers, but Doge’s percentage growth far outweighs them.
This means that more wallets interact with DogeCoin at a much faster rate than the two largest networks now. Combinations between people using Doge and people using large numbers of whales are rare.
For investors, these metrics suggest an increase in network demand. This is an important indication for any asset that they claim to be used regularly. These on-chain signals do not necessarily mean that price gatherings are coming, but they often precede market movements, especially when the patterns are sharp.
This activity does not confirm a trend reversal, but highlights the growing interest from the largest participants in the network. It is worth noting that Doge prices have not yet skyrocketed. In fact, according to CoinmarketCap data, it’s down 5.9%.
