Dogecoin (CRYPTO: DOGE) activity dropped 41% in the last 24 hours as Dogecoin whales sustained their massive transactions trend in the cryptocurrency market. Data from IntoTheBlock showed on Thursday that these large holders had transacted over 60 billion Dogecoin.

What Happened: A total of 60.9 billion Dogecoin were moved by whales as the market saw a boost in trading activity. The volume was a seven-day high for the canine-themed meme coin. The seven-day low figure was 12.97 billion Dogecoin.

The data provides an insight into how the large holders, or whales, performed in the crypto market and suggests a possible shift in price outlook. The sudden surge in the last 24 hours hints at whales positioning themselves for major activity ahead.

The seven-day low figure of 12.97 billion Dogecoin suggests that these large holders were calmer at the beginning of the week. However, the spike indicates that the whales are now aggressively accumulating or selling their holdings.

While whale accumulation often precedes price rallies, the Dogecoin ecosystem suggests that a good part of the large volume could have been sold, as the meme coin continues to fall per the current market outlook.

Dogecoin was trading lower by 1.24% over 24 hours at press time at $0.1784. This development might have resulted in price dilution and general sentiments, as trading volume also dropped by 24.08% to $826.67 million.

Also Read: Feeling Lucky? Chart Expert Says Dogecoin Could Hit $1 In 2024 With A ‘Triple Bottom’

The Build-Up: Dogecoin kicked off May with a positive growth rate of 3.66%. On-chain data suggests it could prove a bullish month for the meme coin king. If history repeats itself, Dogecoin could flip $0.20 as the coin has been known to post double-digit growth in May.

The meme coin community continues to await approval for a spot Dogecoin exchange-traded fund (ETF) from the U.S. Securities and Exchange Commission. Top analysts believe Dogecoin might become the first meme coin to gain ETF status.

Earlier this week, Cathie Wood’s ARK Invest included Dogecoin in its future of investing report where it highlighted the potential of meme coins in the evolving cryptocurrency landscape.

The report, titled “The Future of Investing: The New Paradigm,’' mentions that meme coins like Dogecoin and Shiba Inu (CRYPTO: SHIB) have captured the attention of retail investors, forming a stark contrast to the institutionally-focused narrative that has dominated the past decade.