As October—often referred to as “Uptober” in the crypto market—kicks off, traders are closely watching the charts of their favorite cryptocurrencies. Despite much of the market movement being anticipated and priced in, it’s still crucial to look beyond the surface, particularly at on-chain data, to get a clearer picture of market trends.
One important aspect to monitor is the activity of major market players, commonly known as whales. A key metric for this is the Large Transaction Volume provided by IntoTheBlock, which tracks significant transactions.
Taking Dogecoin (DOGE) as an example, whale activity has noticeably increased in the last 24 hours. The volume of large transactions, defined as those over $100,000, surged from 4.81 billion DOGE to 7.83 billion DOGE—a 62.78% jump. In dollar terms, this represents an increase from $612.38 million to $931.55 million. This spike suggests heightened activity and speculation among large holders of the popular meme coin.
The recent price movements of Dogecoin (DOGE) provide further insight into the on-chain activity.
Dogecoin (DOGE) Price Outlook
In the past 24 hours, Dogecoin’s price has fallen by more than 8.1%. This decline comes on the heels of a breakout in early September, which ended a six-month downtrend. That breakout was seen as a potential signal for the start of a long-awaited bull run for the popular meme cryptocurrency.
This is why expectations for October were sky-high, as the setup leading into the crypto market’s “holy” month, known as “Uptober,” appeared perfect for bullish momentum. This surge in DOGE whale activity reflects their role not only in driving the market but also being actively involved in the current developments shaping the crypto landscape.