Four billion Dogecoins were traded Within twenty-four hours

According to statistics provided by CoinMarketCap, 4 billion (4,037,300,987) DOGE valued at $243,739,387 have been exchanged in the last twenty-four hours. Frequently, investor interest in a project is connected with trade volume.

It is an essential measure for Dogecoin and other cryptocurrencies since a fall in trading volume may indicate that investors are losing interest in and becoming more “cautious” with their investments, and vice versa.

The examination of the top 100 Dogecoin holders on the Binance Smart Chain (BSC) by WhaleStats reveals a staggering 414% spike in trading volumes and a 10% increase in active addresses. Dogecoin has returned to the top 10 tokens acquired by the 100 largest BSC whales during the last 24 hours. Notably, big transactions, which normally refer to those exceeding $100,000 on the Dogecoin network, increased by 17% in the previous 24 hours, according to statistics from IntoTheBlock.

Is it time for another pricing shift?

Despite the fact that Dogecoin has dropped 91.58 percent of its value since reaching an all-time high of $0.737 in May 2021, the fact that a number of investors have maintained their investments is promising. 66% of addresses have owned Dogecoin for a year or more, according to data from the on-chain monitoring service IntoTheBlock. 4% of addresses have only owned Dogecoin for less than one month. This may indicate that holders are adopting a long-term perspective and maintaining their investments.

Dogecoin (DOGE) recouped the $0.061 support level on September 5, albeit the rally lacked intensity. This suggests that there has been no purchasing activity at present prices. Dogecoin may consequently continue to trade in a range until it sustains a move over $0.068. In this instance, Dogecoin may aim for the $0.091 barrier on the chart.

Alternatively, an RSI reading below 50 implies a minor edge for bears. If the price begins to decline from its current level, Dogecoin may fall to the next level of support at $0.05.

Dogecoin was trading at $0.061 at the time of publishing, a decrease of 1.61% in the past twenty-four hours.

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