Dogecoin (DOGE), the popular meme cryptocurrency, has been in the spotlight recently due to its price surge. While the focus has primarily been on DOGE’s price increase, whale activity behind the scenes has also caught attention.
Whale Activity Surges by 899%
According to data from IntoTheBlock, net inflows into wallets holding at least 0.1% of DOGE’s circulating supply surged by 899% in the last 24 hours. These whales accumulated a net total of 527.3 million DOGE, valued at around $63 million. This increase in accumulation signals a shift in market sentiment.
Whales Shift from Selling to Accumulating
Over the past day, both whale inflows and outflows rose significantly. Whale outflows reached 640.1 million DOGE, while inflows exceeded 1.17 billion DOGE. This indicates that whales are now buying more than they are selling. Earlier in the week, they were selling into DOGE’s rising price. Now, however, they appear to be accumulating DOGE as selling pressure has eased, resulting in more buying.
Price Surge Accompanies Whale Activity
DOGE’s price has risen by nearly 20% since the beginning of the week. Each day of this week ended with DOGE in positive territory. This price increase aligns closely with the increase in net inflows into whale wallets. Notably, the net inflows only turned positive the day before yesterday. This suggests that the whales initially capitalized on DOGE’s price rise by selling. As of now, they seem to be switching to accumulation mode, adding to their holdings as prices continue to rise.
Outlook for Dogecoin
The sharp increase in whale activity, coupled with DOGE’s recent price performance, paints a bullish picture for the meme coin. The growing accumulation from large holders indicates that they expect further gains. If this trend continues, Dogecoin could maintain its upward momentum in the near term. For now, the data points toward a positive outlook as whales continue to play a significant role in DOGE’s market movements.
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