Dogecoin hits $5.29 billion in large transaction volume, suggesting activity by institutional players
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U.S. equities and cryptocurrencies slumped as another strong inflation report bolstered betting that the Federal Reserve will not be in a hurry to cut interest rates, even as some sectors of the economy show symptoms of slowing. Bitcoin fell to lows near $65,565 before slightly recovering.Dogecoin also fell, reversing a jump from the prior day, following comments by Dogecoin fan and Tesla CEO Elon Musk.
Yesterday, Dogecoin’s price jumped to a high of $0.206 on Musk’s comments before reversing in today's trading. At the time of writing, DOGE was down 8% in the last 24 hours to $0.164.The volume of Dogecoin large transactions, which refers to those greater than $100,000, has soared 92.81% in the last 24 hours to a worth of $5.29 billion, perLarge Transaction Volume estimates the total amount transacted by whales and institutional players on a given day.
In this regard, an 86 million DOGE transfer was spotted by Whale Alert, which saw $14,123,854 of Dogecoin transferred from an unknown wallet to Robinhood.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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