Dogecoin Whale Activity Surges as On-Chain Metrics Outpace BTC and ETH

Dogecoin (DOGE) is defying the broader crypto market trend with a significant spike in on-chain activity. While Bitcoin and Ethereum are seeing notable declines in whale transactions, Dogecoin’s large transaction volume surged to $23.35 billion in the past 24 hours—a sharp 41.12% increase, according to IntoTheBlock data.

This rise marks the most substantial gain among major cryptocurrencies. Ethereum’s large transactions dropped 6.64% to $9.97 billion, while Bitcoin recorded a 16.06% decrease, falling to $56.06 billion. Despite Bitcoin's higher absolute value, the upward momentum in Dogecoin’s whale activity stands out. The spike signals growing interest from large holders, often seen as a precursor to market shifts.

Alongside whale moves, Dogecoin also posted a sharp increase in network usage. Daily active addresses rose 34.91% to 157,190—surpassing Ethereum’s 1.39% and Bitcoin’s 3.75% gains. This jump suggests more users are engaging with the Dogecoin network at a faster pace than with the top two cryptocurrencies.

The dual surge in whale transactions and user activity highlights growing demand on the DOGE network. While the price of Dogecoin is still down 5.9%, these indicators are often viewed as leading signals for potential market moves. Though not a guarantee of a price rally, such heightened activity from major holders and retail users is rare and noteworthy.

As broader market sentiment remains cautious, Dogecoin’s contrasting performance could attract increased trader attention. Investors should monitor these trends closely, as rising on-chain engagement often precedes volatility or price momentum in the crypto space.