Dogecoin (DOGE) Skyrockets 1,757% in Bullish Whale Activity

Dogecoin Shows Positive On-Chain Activity, Signaling Increased Optimism

Recent on-chain data indicates a surge in activity surrounding Dogecoin (DOGE). The netflow metric from IntoTheBlock reveals a significant increase in DOGE moving into the wallets of major holders within the last 24 hours.

This rise in netflow, from 7.4 million DOGE to 123.03 million DOGE, suggests that major investors may be positioning themselves for potential purchases. Historically, such behavior has coincided with market declines, indicating a buy-the-dip approach.

Further supporting this trend is the decrease in coins flowing out of major holders' wallets, falling from 107.71 million to 51.83 million. This shift signals a belief in the growth potential of Dogecoin.

Dogecoin Eyes Golden Cross

The accumulation by major players reflects the growing optimism surrounding Dogecoin. As noted by U.Today, the meme coin is nearing its first "golden cross" in over four years.

In technical analysis, a golden cross occurs when a short-term moving average crosses above a long-term one. This pattern is often interpreted as a bullish indicator. The last time Dogecoin experienced a golden cross was in January 2021, preceding a significant price surge of around 8,000%.