Dogecoin Sees 111% Surge In Large Transactions Over 24 Hours

The number of high-value Dogecoin DOGE/USD transfers surged by 111% in the last 24 hours.

What Happened: According to data from blockchain analytics platform IntoTheBlock, there were 489 DOGE transactions with a minimum value of $100,000.

Over the last seven days, the Dogecoin blockchain recorded $6.89 billion worth of transaction value from large transfers alone. A particularly large transfer was observed on March 16 when a whale moved 263 million DOGE worth $29 million in a single transfer.

The increased whale activity comes amid a decline in the number of Dogecoin addresses over the past few weeks.

Data from CoinMarketCap revealed that the number of DOGE addresses fell by 13.3% to 4,221,710 between March 1 and March 10.

Price Action: At press time, DOGE was trading at $0.1355, down 0.14% in the last 24 hours as per data from Benzinga Pro.