Dogecoin (DOGE) Rockets $900 Million in 24-Hour Bullish Whale Craze

Cover image via U.Today

Dogecoin (DOGE), the popular meme cryptocurrency, continues to experience notable developments both in its price and behind the scenes.

According to IntoTheBlock data, the past 24 hours have witnessed a surge in activity involving DOGE transactions by major players known as whales.

Specifically, the number of transactions worth $100,000 or more increased significantly, with 1,950 such transactions totaling $2.65 billion. This represents a movement of 21.59 billion DOGE in these large transactions. Source: IntoTheBlock

In comparison, the previous day saw a lower volume of large DOGE transactions, with a difference of over $900 million, and a smaller quantity of DOGE coins transferred by 6.32 billion.

Whale Buying Activity

Upon further analysis, it becomes evident that the predominant nature of these transfers was buying activity. Source: IntoTheBlock

The inflow of DOGE into wallets holding at least 0.1% nearly doubled over the past day, reaching 445.15 million DOGE. Simultaneously, outflows decreased but still amounted to 386.51 million DOGE. This resulted in a net inflow of approximately 250 million DOGE into the wallets of large DOGE holders.

These observations suggest that whales were actively bullish on the popular meme cryptocurrency during the period in question, demonstrating a positive sentiment.