20 July 2026
Dogecoin Transactions Witnessed A Massive Spike
Dogecoin creator has highlighted the massive spike in the number of transactions on the chain as the metric suddenly hit almost 70,000 operations in the last 24 hours.
The spike in Dogecoin transactions was followed by the unexpected recovery of the cryptocurrency market. Bitcoin and Ethereum rose during the weekend trading session as the two most prominent cryptocurrencies gained 11% and 6%, respectively.
Also, the price of Dogecoin surged by 5%, which is a mild gain for such a volatile asset. The increased activity of whales was the reason behind the spike in the number of transactions on Dogecoin.
As the market started to recover, crypto whales are potentially staking more DOGE ahead of a potential recovery run. For the first time in the last five months, Dogecoin formed a higher low during its movement, showing a potential reversal in the market.
However, the rise in the number of transactions on the network could also be a sign of upcoming selling pressure on the market as whales may potentially start moving their funds from cold wallets to exchange addresses.
As a result, Dogecoin's small recovery run would be over almost immediately as there is not much volume on the market that could absorb another spike in selling pressure. Since last year, the memecoin has been moving in a sharp downtrend.
Currently, Dogecoin is trading at $0.066 and showing around a 15% price increase in the last seven days of trading.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
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