Large Dogecoin transactions have increased to a four-month high of 21 billion as DOGE rallies. Open interest is also at a multi-month high
, the largest memecoin by market capitalization, has been one of the best performers among the top ten largest cryptos. In the last seven days, DOGE has gained by 13% to trade at $0.12 at press time.shows that these gains came from growing interest in the meme coin as trading volumes had jumped by nearly 60% at press time.
Whales likely contributed to the rising volumes as large DOGE transactions have jumped by 40% to a four-month high of 21 billion tokens.This spike shows that whale activity around DOGE is increasing, which could be behind the recent volatility. However, a further look at exchange inflow data shows that this spike could also result in selling pressure.
On 16th October, more than 623 million DOGE tokens were sent to exchanges. This marked the highest level of exchange inflows in two months.The spike in large transactions and exchange inflows suggests that DOGE is in a distribution phase where whales are taking profits, which could weaken the uptrend.A look at the daily chart shows that DOGE has completed a bullish W pattern. This is a bullish reversal pattern that suggests DOGE is resuming its uptrend, with the next price target set at $0.146.
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