Dogecoin (DOGE) Rockets 678% in Bullish Whale Activity

Dogecoin Holdings Surge: Whales Accumulate While Others Sell

According to data from IntoTheBlock, a surge of Dogecoin (DOGE) is flowing into the wallets of major holders. Over the past 24 hours, these wallets have received 341.14 million DOGE, up 678% from the previous day's inflow of 50.29 million DOGE.

This substantial increase suggests that large holders with a significant portion of the circulating supply are accumulating Dogecoin. Additionally, the spike in inflows often indicates a bottoming out of the price, as these addresses tend to buy in bulk after significant corrections.

However, some large holders are also reducing their DOGE holdings, as evidenced by a 300% increase in outflows from such wallets, from 52.61 million to 185.79 million DOGE.

Despite the sell-off, the net flow of Dogecoin has increased significantly in the last 24 hours. This net increase, which was previously negative, now stands at a positive 155.36 million DOGE.

Dogecoin Price Outlook

Dogecoin's price has been experiencing significant volatility in recent hours, with fluctuations of at least 4% within a single day. Currently, DOGE is trading at $0.0956, near its local bottom set yesterday when it dropped to $0.091, its lowest price since early August.

The recent influx of DOGE into major holders' wallets may foreshadow a major price movement, but it remains uncertain whether this will be the case with Dogecoin.