As Coinbase’s skyrocketing triggers the return of whales, a feast or famine for Dogecoin

Some Dogecoin (dog) The observable indicator describes a blockchain that has changed drastically under the influence of the Coinbase Pro list of meme coins. On Thursday, the amount of US dollars sent through the blockchain in a single day exceeded US$47 billion, an increase of 690% from less than a week ago.

Dogecoin price Up 40% Within a day shortly after Coinbase Announce It will open its doors to Doge deposits on Coinbase Pro on Tuesday, June 1, with a view to starting trading on June 3.

On Thursday, the trading of five trading pairs continued. By Friday morning, DOGE/USD had become the fourth most traded currency pair on the exchange, second only to Ether (Ethereum), Bitcoin (Bitcoin) And polygon (MATIC).

According to publicly available market data, Coinbase has processed USD 185 million in Doge transactions in the past 24 hours. At the same time, Dogecoin gave up most of Coinbase’s gains immediately after the transaction started, as the token price fell by 18% from $0.43 to $0.36.

As the price of coins fluctuates, the usage statistics of the blockchain will also fluctuate. Large fluctuations in activity are common in blockchains, so their meaning is not always easy to decipher.USD value of coins sent through the blockchain Climbed According to data from Bitinfocharts.com, it increased by 690% in five days, jumping from US$6 billion to US$47.5 billion.

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

Similar spikes In activity In the days leading up to 4/20, when Reddit traders coordinated the valuation of Dogecoin to soar to $0.420, and during the market peak in early May, people noticed this.

era volatility This often promotes the massive movement of coins from wallet to wallet, or from wallet to exchange, and recent Dogecoin distribution data indicates that very few wallets are actually moving.

Currently the largest 100 Dogecoin wallets 67% of the token supplyCompared to 2018, this number has increased by 38%, when less than half of the top 100 wallets had supply. Currently, only 565 addresses contain nearly 80% of Doge’s supply.