Dogecoin Large Transactions Surge 118%; Musk Reveals Why He Supports DOGE

Dogecoin Large Transactions Surge 118%; Musk Reveals Why He Supports DOGE


  • Whales are accumulating DOGE
  • Its trading volume also surges
  • DOGE was trading down 5.79 percent at $0.07281

Dogecoin, Elon Musk's favorite cryptocurrency, saw a massive surge in large transactions alongside nearly a 10 percent spike in its price, making it one of the top gainers in the cryptocurrency world at the start of the week.

The dog-themed meme coin now sits on the 10th spot in the list of largest crypto assets with a market capitalization of $10.2 billion. Over the weekend, 943 large DOGE transactions, or those worth above $100,000, were recorded. 

This is a massive jump from the 505 whale transactions previously recorded, based on the data of the on-chain metrics IntoTheBlock. The image below shows that DOGE saw a 118 percent increase in large transactions over the last 24 hours. 

Dogecoin Cryptocurrency Medallion Dogecoin Photo: Creative Commons/

Large transaction increases are usually connected to the surge of activities of whales, either from selling or buying. Apart from that, data showed that DOGE saw a sharp rise in its trading volume across various cryptocurrency exchange platforms. 

Crypto Assets List of cryptocurrencies and their performance Photo: screenshot from IntoTheBlock app

Dogecoin's trading volume was around $1.1 billion on Monday, which is 148 percent more than the recorded figures of the previous day. WhaleStats reported that DOGE is now "one of the MOST USED smart contracts among top 2000 #BSC whales in the last 24hrs" and is one of the "most purchased tokens among 100 biggest whales."