Dogecoin (DOGE), the largest meme cryptocurrency, has once again captured attention due to significant activity on the blockchain. Recent whale movements suggest an optimistic trend, driving increased speculation about the token’s future price action.
Whale Activity Accelerates
In the past 24 hours, a key indicator of whale behavior—“Large Holders Netflow” from IntoTheBlock—spiked from -2.23 million DOGE to a positive 20.66 million DOGE.
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This surge represents the net volume of Dogecoin accumulated by large holders, or whales, over the last day. Notably, only wallets holding at least 0.1% of Dogecoin’s circulating supply were considered in this metric.
Source: IntoTheBlock
A closer look at these movements reveals that total inflows to whale wallets reached 76.33 million DOGE, while outflows amounted to 55.67 million DOGE during this period. While both figures saw increases, inflows exceeded outflows, indicating a net accumulation by large investors.
Price Action and Market Outlook
This surge in whale activity coincides with a potential bullish price pattern for Dogecoin. Over recent days, DOGE’s price has hovered near a dynamic resistance level, forming the upper boundary of a falling wedge pattern.
Source: CoinMarketCap
This technical setup has been taking shape over the past nine months, raising anticipation among traders for a possible breakout. Many investors believe Dogecoin is on the verge of breaking this resistance, as the price has shown signs of bullish momentum.
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Whale accumulation suggests confidence in an upcoming price surge, though the final breakout has yet to occur. Whales appear to be positioning themselves ahead of a potential breakout, leading to growing optimism in the market.
If DOGE’s price breaks through the current resistance, the cryptocurrency could see significant upward movement, further fueled by whale interest.
