Dogecoin (DOGE) Whales Are Still Active Despite a Decrease in Transaction Volume

Something strange has been happening with Dogecoin (DOGE) over the past 24 hours. According to IntoTheBlock, the number of large transactions

Over the past 24 hours, something strange has been happening with Dogecoin (CRYPTO: DOGE).

According to IntoTheBlock, the number of large transactions in the meme coin soared from 571 to 717. These transactions, each valued at over $100,000, saw an increase of 146 units, which translates to an additional $14.6 million in transaction activity.

Usually, as the number of large transactions increases, so does the volume. However, here's where it gets interesting.

Despite having more transactions, the total value of large transactions in DOGE actually decreased over the past 24 hours. It went from 7.82 billion DOGE to 7.51 billion DOGE, which, in dollar terms, is a decrease from $806.06 million to $754.08 million.

This is a rather unusual occurrence, as you would expect more transactions to lead to a higher total value. However, in this case, the total value of large transactions in DOGE decreased by 3.96%, even though there were 25.57% more transactions. In dollar terms, the decrease was 6.44%.

The most likely explanation for this is that the average size of large transactions decreased. Yesterday, the average large transaction size was around $1.41 million, but now it is down to $1.05 million.

This decrease in average transaction size may reflect a shift in market behavior, but the overall trend of large transaction activity still indicates significant ongoing interest from large holders.