DOGE reaches 5-month highs amid high exchange inflows

Dogecoin Rally surges to 5-Month High

Dogecoin (DOGE) witnessed a remarkable surge, reaching a five-month high of $0.1684 earlier today. The meme coin currently trades at $0.165, having gained 15% in the past 24 hours. Its market capitalization exceeded $24 billion, with a daily trading volume of $3.8 billion.

Data from IntoTheBlock suggests significant DOGE inflows into centralized exchanges on October 29th, indicating increased upward momentum. Dogecoin also recorded a positive exchange net inflow of over $51 million in the last week.

Historically, increased exchange net inflows can indicate potential profit-taking by investors, potentially leading to a price correction. However, despite being 77% below its all-time high of $0.737, 85% of DOGE holders remain in profit.

Whale Activity Intensifies

Dogecoin's surge above $0.14 attracted increased whale activity. According to ITB data, large transactions (>$100,000 worth of DOGE) rose from 1,230 to 2,290 between October 27th and 28th. Whales moved a total of 15.5 billion DOGE yesterday and executed $3.46 billion in large transactions over the past seven days.

While whale accumulation has recently declined, from a net inflow of 456 million on October 25th to 3 million DOGE on October 28th, the drop in inflows could potentially increase selling pressure.

Given the high trading volume and exchange inflows, Dogecoin may experience a short pullback before another potential price surge.