Cryptocurrency News

Feast on Dogecoin or Famine Triggers Whales Withdrawal as Coinbase Pumps



Some of Dogecoin (Doge) Observable metrics among the results of the Coinbase Pro listing of the meme coin depict a blockchain in violent flow. The dollar amount sent to the blockchain in a single day exceeded $47 billion on Thursday – a 690% increase over the figure in less than a week.

dogecoin price climbed 40% Same day immediately after coinbase announced It will open its doors for Doge deposits on Coinbase Pro on Tuesday, June 1, with a view to starting trading on June 3.

Trading in five trading pairs proceeded on Thursday, and as of Friday morning DOGE/USD had become the fourth most traded pair on the exchange after Ether (ETH), bitcoin (B T c) and polygons (MATIC).

According to publicly available market data, Coinbase processed $185 million worth of Doge trades in the last 24 hours. Meanwhile, Dogecoin lost most of its Coinbase gains shortly after trading began, as the price of the coin fell 18% from $0.43 to $0.36.

As the price of the coin increases, so does the usage statistics of the blockchain. Large-scale fluctuations in activity are common to blockchains, and therefore their meaning is not always easy to understand. Dollar value of coins sent on the blockchain climbed According to data from Bitinfocharts.com, it has increased by 690%, from $6 billion to $47.5 billion in a span of five days.

At the same time, the average transaction value on Dogecoin Increased 449%, increased from $3133,000 to over $1.7 million, while the number of transactions being processed remained relatively stable.

Similar spikes in activity 4/20 was noted in the days leading up to the day, when Reddit traders coordinated Dogecoin’s surge to a valuation of $0.420, and also during the market’s peak in early May.

times of instability Often indicating a massive movement of coins from wallet to wallet, or from wallet to exchange, and the most recent Dogecoin distribution data shows that very few wallets are actually moving.

Currently 100 Largest Dogecoin Wallets The coin accounts for 67% of the supply. This figure is an increase of 38% over the 2018 figure, when half of the supply was in the top hundred wallets. Currently, only 565 addresses account for about 80% of Doge’s supply.