Dogecoin Gains Traction With Rising Whale-Tier Transactions

According to U.Today, Dogecoin is experiencing a surge in popularity as large-scale transactions increase, with 6.52 billion DOGE transacted in the past 24 hours. Despite a slow upward trend in price, Dogecoin has yet to gather enough momentum to break the upcoming resistance level of $0.174. Currently hovering around $0.163, the daily chart of Dogecoin shows a gradual increase from previous lows. Moving averages such as 50 and 100 are inching closer to the price and could potentially serve as support levels. Data from IntoTheBlock reveals significant activity in major transactions. The volume of large transactions has fluctuated over the past week, reaching a peak of 1,046 transactions on May 29, 2024. Despite a noticeable drop to a seven-day low of 718 transactions on June 2, 2024, it bounced back to 975 transactions on the final day. This uptick in significant transactions suggests that key market players are showing increased interest. The volume of these large transactions is equally impressive. The volume hit 6.52 billion DOGE in just the last day, and on May 29, 2024, it reached a seven-day high of 8.65 billion DOGE. The lowest point was marked on June 2, 2024, at 4.06 billion DOGE. This rise in transaction volume could indicate a phase of accumulation by large holders, often a precursor to significant price movements. The largest transaction volume in terms of USD value over the last 24 hours was $1.04 billion, with a weekly peak of $1.44 billion on May 29, 2024. The lowest volume recorded was $726.24 million on June 2, 2024. If Dogecoin can overcome the resistance at $0.174, it will require substantial buying pressure and sustained optimism. Overcoming this resistance could pave the way for higher price targets and further confirmation of Dogecoin's bullish trend.