The inclusion of Dogecoin in Coinbase Pro is promoting the whale comeback

Some of Dogecoin (DOGE) observable metrics show a blockchain network in violent flux amid the aftermath of the meme coin being added to Coinbase ProThe dollar amount sent over the blockchain in a single day exceeded $ 47 billion on Thursday, a 690% increase from less than a week earlier.

Dogecoin price soared 40% in a single day shortly after Coinbase announced that it would open its doors to Doge’s deposits on Coinbase Pro on Tuesday June 1st., with a view to the start of trading on June 3rd.

Business was made with five trading pairs on Thursday, and On Friday morning, the DOGE / USD pair was the fourth most traded pair on the exchange, behind Ether (ETH), Bitcoin (BTC) and Polygon (MATIC).

The inclusion of Dogecoin in Coinbase Pro is promoting the whale comeback
The inclusion of Dogecoin in Coinbase Pro is promoting the whale comeback

Coinbase has completed doge trades valued at $ 185 million in the past 24 hours, based on publicly available market data. Dogecoin lost much of its revenue from Coinbase immediately after it started trading as the price of the coin fell 18% from $ 0.43 to $ 0.36.

When the price of the coin fluctuates, the blockchain usage statistics fluctuate tooMassive fluctuations in activity are common in blockchain networks, so their meaning is not always easy to decipher.The dollar value of coins sent on the blockchain rose 690% from $ 6 billion to $ 47.5 billion in five days, according to data from Bitinfocharts.com.

At the same time, the average transaction value of Dogecoin increased by 449%, from $ 313,000 to just over $ 1.7 million, while the number of transactions processed remained relatively stable.

S.They saw similar spikes in activity in the days leading up to Day 4/20, when Reddit traders coordinated Dogecoin soaring to a valuation of $ 0.420., and also during the market high in early May.

Times of volatility often trigger large movements of coins from wallet to wallet or wallet to exchanges, and the latest Dogecoin distribution data suggests that very few wallets are actually moving.

The 100 largest Dogecoin wallets currently make up 67% of the coin supplyThis number is an increase of 38% compared to 2018, when almost half of the offer remained in the top 100 wallets. Currently, only 565 addresses contain nearly 80% of Doge’s offering.

Similar Posts