Price: $0.38812 7.3951%
Market Cap: 56.97B 1.916%
Volume (24h): 23.82B 0.4%
Dominance: 1.916%
Price: $0.38812 7.3951%
Market Cap: 56.97B 1.916%
Volume (24h): 23.82B 0.4%
Dominance: 1.916% 1.916%
  • Price: $0.38812 7.3951%
  • Market Cap: 56.97B 1.916%
  • Volume (24h): 23.82B 0.4%
  • Dominance: 1.916% 1.916%
  • Price: $0.38812 7.3951%
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.

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