Dogecoin (DOGE) Skyrockets 275% in Jaw-Dropping Whale Buying Spree

Dogecoin Sees Bullish Investor Activity with Surge in On-Chain Activity

Over the past 24 hours, Dogecoin (DOGE) has exhibited a significant increase in on-chain activity, indicating bullish investor sentiment. According to the Large Holders Netflow metric from IntoTheBlock, there has been a substantial 275.54% increase in the volume of DOGE being transferred to the wallets of large holders.

In just a single day, the total volume increased from 624.23 million DOGE to 1.72 billion DOGE, suggesting that larger market players maintain a positive outlook on the cryptocurrency's future. Large holders are typically defined as those who control over 0.1% of the total DOGE supply.

Historically, spikes in net inflows have often coincided with price pauses or downturns. This behavior is attributed to the tendency of large investors to accumulate assets during periods of price volatility. Notably, this accumulation is often seen as a bullish indicator, signaling that major investors anticipate a potential increase in value.

Further evidence of growing investor confidence is reflected in the recent net accumulation of Dogecoin. Over the past day, a total of 3.12 billion DOGE was added to the wallets of large holders, representing a 33.9% increase compared to the previous day. While there were some outflows, with 1.7 million DOGE leaving these wallets, the overall trend remains positive, with more Dogecoin being acquired by whales than being sold off.

This accumulation pattern aligns with the broader bullish sentiment in the market. Whales are typically cautious in their investment decisions and only act when they anticipate a positive return. The increased net inflows, combined with the consistent accumulation by large holders, suggest that many whales are positioning themselves for potential future price gains for DOGE.