u.today 01 October 2024 16:46, UTC

As October, or as it is colloquially known in the crypto market, “Uptober,” has finally arrived, the eyes of its participants are on the charts of their favorite cryptocurrencies. However, despite everything being frontrunned and priced in, it is still necessary to take a look behind the scenes, in other words, into the on-chain data, to see how things are actually progressing.

In particular, it is always worth monitoring the actions of the largest players on the crypto market, or as they are called here, whales. One such metric that can help understand the current speculation is Large Transaction Volume by IntoTheBlock.

Looking at an example of the popular meme coin Dogecoin (DOGE), one can see how the so-called whales started to move more tokens in the last 24 hours. The volume of transactions, no less than $100,000 each, jumped from 4.81 billion DOGE to 7.83 billion DOGE, a 62.78% increase. In dollar terms, this change was characterized by an increase from $612.38 million to $931.55 million.

The price action of the popular meme cryptocurrency in this case only adds context to what is happening on the chain.

Dogecoin (DOGE) price outlook

Thus, over the past day, the price of Dogecoin has dropped more than 8.1%. The price drop came in the midst of the breakout that the price of the meme coin made in early September.

The breakout marked the end of over six months of downtrend and could be the long-awaited start of the bull run.

This is why hopes for October were as high as possible, as the setup that has formed ahead of the “holy” month for the crypto market, “Uptober,” seems ideal for bulls. That is why the DOGE’s activity on behalf of whales surged. They are not only fueling but are also right in the mix of what’s cooking on the crypto market right now.