Price: $0.38389 -0.3167%
Market Cap: 56.39B 1.734%
Volume (24h): 8.06B 0.4%
Dominance: 1.734%
Price: $0.38389 -0.3167%
Market Cap: 56.39B 1.734%
Volume (24h): 8.06B 0.4%
Dominance: 1.734% 1.734%
  • Price: $0.38389 -0.3167%
  • Market Cap: 56.39B 1.734%
  • Volume (24h): 8.06B 0.4%
  • Dominance: 1.734% 1.734%
  • Price: $0.38389 -0.3167%
Home > Information news > Dogecoin Rockets 118% in Bullish Whale Activity

Dogecoin Rockets 118% in Bullish Whale Activity

Release: 2024/08/29 20:11 Reading: 520

Original author:U_Today

Original source:https://coinmarketcap.com/community/articles/66d05bb28f8b222fe2be1268

Cover image via U.Today

On Monday, Dogecoin (DOGE) experienced a 6% price drop, but a surge in bullish activity emerged on its blockchain. Data from IntoTheBlock reveals a significant increase in net DOGE inflows into large holder wallets. Over the past day, these inflows rose by 118%, from 67.85 million to 148.36 million tokens, representing a value of $14.84 million.

This metric reflects the changes in positions held by whales and investors who possess more than 0.1% of the DOGE supply. Typically, increases in netflow indicate position building by large players, while decreases suggest position reduction or sales. Source: IntoTheBlock

For instance, the recent increase in netflow among large DOGE holders preceded a price surge in the popular meme cryptocurrency. Within the past 24 hours, DOGE quotations have climbed by over 1.5%. Currently, DOGE is priced at $0.1. DOGE to USD by CoinMarketCap

Upon further analysis, it becomes evident that the price rise is primarily attributable to a decline in outflows rather than an increase in inflows. Outflows from large holder wallets have decreased by 45.9% during the review period, reaching 111.41 million tokens. Source: IntoTheBlock

Inflows have also declined, but only by 5.13%, remaining at 259.77 million DOGE.

It remains uncertain whether this activity signals a sustained bullish trend for Dogecoin. However, it is worth monitoring any further disruptions in the price behavior of this popular meme cryptocurrency, as increased on-chain activity can often precede significant price fluctuations.

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.