Despite Bitcoin’s current decrease towards the $58K level, the meme coin sector has kept its momentum. Many leading meme coins maintained their volatility throughout the sharp market drop, as they are normally less impacted by market decreases. Notably, Dogecoin’s rate has rebounded from its current low due to increased build-up. Currently, DOGE is targeting a breakout above its resistance lines.
Dogecoin Sees Comeback in On-chain Signals
In the past 24 hours, Dogecoin skilled substantial liquidations as traders on both sides dealtwith losses due to increased market volatility. According to Coinglass, the overall liquidations for Dogecoin surpassed $1.6 million, with brief positions accounting for almost $1 million of that overall.
The current market recession has led to a enormous boost in big deals including Dogecoin. Data from IntoTheBlock reveals that, over the verysame duration, Dogecoin saw an outstanding $1 billion in big deal volume, which corresponded with a 6.6% increase in its rate.
The big deal metric leapt from the low of $731 million, recommending that whales took interest in the meme coin market following a loss in Bitcoin and leading altcoins.
Large deals typically surpass $100,000. The “Large Transactions Volume in USD” from IntoTheBlock tracks the overall worth of such transfers, showing day-to-day activity by significant financiers like whales and organizations. A spike in this volume signals extreme purchasing or selling activity.
For Dogecoin, the big deal volume reached 8.45 billion Dogecoin in the last 24 hours, marking a 37% boost.
Accompanying this information, the Netflow metric