Dogecoin (DOGE) Jumps 10% as the Crypto Market Faces Profit-Taking

The size of this transaction, nearly one billion DOGE, suggests that institutional investors or large holder addresses, referred to as whales, might be involved.

A large transaction of nearly one billion DOGE was observed moving into an unknown wallet on Tuesday, according to data from AliTrend. This transaction might hint at institutional investors or large holder addresses, also known as whales, making a move in the market.

Typically, large transactions of this nature might signal market activity from institutional investors or large holder addresses. In this case, the unknown wallet could belong to an institutional investor or whale transferring assets to cold storage or performing another operation. Moving assets off an exchange might indicate an intent to hold rather than to sell in the short term. It could also be buying, as withdrawals from exchanges may indicate an intention to buy. It could potentially be a routine transfer; nevertheless, the exact reasons behind this large DOGE transfer remain unknown.

AliTrend data showed that the top institutional inflows were in GMT and DOGE on Tuesday morning. The institutional inflows into GMT surged by 1,023.47%, and those into DOGE soared by 108.07%.

Meanwhile, institutional outflows were observed in BTC, which saw a decrease of 206.03% in its institutional inflows. At the same time, ETH also saw a decline in institutional inflows by 73.02%.

Crypto Fear and Greed Index now at ‘Extreme Greed’

After a stellar start to the week, بازار ارزهای دیجیتال faced profit-taking in Tuesday's early trading session, with Bitcoin dropping below $40,000. However, Dogecoin was among the few ارزهای دیجیتال in the green.

The dog-coin has jumped by more than 10% in the last 24 hours, while Bitcoin has lost over 3%, and all major ارزهای دیجیتال have lost between 1% and 5% of their value.

According to Ali, the Dogecoin network continues to grow, with new addresses continually added. DOGE was up 9.21% in the last 24 hours to $0.171, and up 5.11% weekly as of writing time.

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