6.52 Billion DOGE Transacted To Reach Weekly High
DOGE whale transactions are on the rise, empowering the meme coin to gain traction. The last 24 hours saw 6.52 billion Dogecoins transacted.
In terms of price, the largest meme token in the market is moving in an uptrend. However, it does not have enough strength to surpass the upcoming resistance level at $0.174.
The chart
Currently, the daily chart shows that the price of the meme coin is hovering close to the $0.163 mark. Its growth is slower from older lows, as compared to the stablecoin Tether (USDT).
The 50-day and 100-day moving averages are moving closer to the current price and could function as support levels at any time.
IntoTheBlock shared data showing that major transactions have seen significant activity. In the past week, large transaction volumes have recorded considerable variations.
On May 29th, large transactions had reached a peak of 1,046 in a seven-day period. On June 2nd, the number of transactions had declined notably to 718 in a seven-day period.
But, the final day saw them rebound once more to reach 975. The rise in large transactions shows that major market participants are taking greater interest.
The volume
The volume of these large transactions is quite astounding. In just 24 hours, the volume had climbed to 6.52 billion DOGE tokens.
On May 29th, the transaction volume reached a high of seven days at about 8.65 billion DOGE tokens. The lowest point was recorded on June 2nd at 4.06 billion tokens.
The rise in the volume of large transactions could point towards accumulation from whales. It is known to precede major price movements.
On May 29th, the large transaction volume reached a weekly peak of $1.44 billion. In the last 24 hours, the transaction volume stood at $1.04 billion.
Meanwhile, on June 2nd, the lowest volume was recorded at $726.24 million. Since there is significant resistance at $0.174, the meme token will need strong optimism and purchasing pressure to break through.
If DOGE manages to overcome this resistance level, it will confirm a bullish trend and allow the meme token to reach higher price targets.
New listing
Crypto trading platform Kraken Pro revealed that it is listing a new Dogecoin pair, as part of its strategic expansion.
The crypto platform disclosed that it will now list a trading pair for DOGE/AUD i.e. Dogecoin and the Australian Dollar.
This move highlights the commitment of Kraken Pro to diversify its offerings and provide more flexibility to its users in their crypto endeavors.
The introduction of new trading pairs usually improves market liquidity and provides traders with greater options.
Therefore, the introduction of the new DOGE trading pair is worth noting, as it could have a positive impact on the meme token.
This pair could draw in more participants to the DOGE market and would certainly bring in more Australian users.
