Dogecoin (DOGE) has seen significant on-chain activity in recent days, signaling a surge of optimism among cryptocurrency investors toward the popular meme coin. Recent data from IntoTheBlock reveals that large holders have dramatically increased their holdings, reflecting bullish sentiment.
Investors Position for Potential Market Moves
In the past 24 hours, Dogecoin’s large holders’ netflow—a key metric tracking the movement of the coin into major wallets—has skyrocketed. The netflow jumped from 7.4 million DOGE to an impressive 123.03 million DOGE.
Source: IntoTheBlock
This marked increase suggests that major players are accumulating more Dogecoin, compared to previous days. The surge in net inflows to whale wallets indicates that these investors could be preparing for significant future moves, especially in anticipation of market declines. Historically, such behavior aligns with periods when major investors buy into assets at price lows.
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Additionally, data shows a reduction in the number of Dogecoins leaving these wallets, from 107.71 million to 51.83 million DOGE. This suggests that large holders anticipate future growth for Dogecoin, reinforcing their long-term confidence in the cryptocurrency.
Golden Cross on the Horizon for DOGE
Further signaling bullish sentiment, Dogecoin is nearing a major technical milestone known as the “golden cross.” This would be the first time in over four years that Dogecoin’s short-term moving average crosses above its long-term moving average, a pattern typically viewed as a strong bullish signal.
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The last time Dogecoin experienced a golden cross was in January 2021, when the coin’s price surged by 8,000%, reaching an all-time high of $0.76.
Investors are watching closely, as another golden cross could potentially trigger significant price action for the meme-based cryptocurrency.
