After Dogecoin listen on Coinbase, a subsequent 40% pump on its price was experienced, signaling a return of the whales. The observable metrics of Dogecoin (DOGE) paint a picture of a blockchain in violent flux after its Coinbase Pro listing. As of Thursday, the dollar amount transferred across the blockchain in a day was in excess of $47 billion, heralding a 690% increase on the figure seen less than a week before.
Dogecoin’s Upward Momentum
A 40% price surge was experienced in one day after an announcement by Coinbase opening its doors to Doge deposits o Coinbase Pro. This announcement was made on Tuesday, June 1, and trade was scheduled to commence on June 3.
On Thursday, trading across five trading pairs commenced, and by Friday morning, the pair, DOGE/USD was the exchange’s fourth most traded pair. The leading pairs included Ether (ETH), Bitcoin (BTC), and Polygon (MATIC).
According to publicly available market data, the past 24 hours saw Coinbase process $185 million worth of Doge trades. Nonetheless, these Coinbase gains were shed immediately when trading began, since the coin slid from $0.43 to $0.36, a reduction of 18%.
Fluctuating Activities Surrounding the Meme Coin
When the meme coin’s price oscillates, so does the stats of the blockchain usage. It is common for blockchain to experience fluctuations in activities, which makes it hard even for experienced crypto enthusiast to decipher their meanings. In the space of five days, a 690% gain in the dollar value of the coins sent across the blockchain was experienced. Data from Bitinfocharts.com reveals that this jump was from $6 billion to $47 billion.
In addition to these fluctuations, the average transaction value on DOGE climbed by 449%, increasing from $313,000 to slightly over $1.7 million. This happened while the quantity of transactions being processed maintained a relatively steady flow.
These fluctuations in activities were also experienced when Reddit traders coordinated DOGE’s surge to a valuation of $0.420 in the days leading up to 4/20 day. Similar spikes in activity were also noted during the market peak of early May. When the market experiences volatile times, it prompts traders and other crypto enthusiasts to move coins from wallets to exchanges or from wallet to wallet. Dogecoin’s recent distribution data reveals that few wallets are moving the coins.
67% of the coin’s supply is accounted for by only 100 of Dogecoin’s largest wallets, showing the might whales have on the meme coin. This is a 38% increase from 2018 when under half the coin’s supply was held in the leading 100 wallets.
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