Dogecoin Rockets 3,586% in Whale Activity, But There's a Catch

Whale Activity Surge in Dogecoin (DOGE)

Data from IntoTheBlock reveals a significant increase in whale activity related to Dogecoin (DOGE) within the past 24 hours. However, it's important to note that most of these transactions involved the sale of DOGE rather than purchases.

Increased Large-Volume Transactions

The volume of Dogecoin transactions exceeding $100,000 surged 73.53%, reaching 14.75 billion DOGE. This represents a monetary increase from $938 million to $1.67 billion.

Majority of Transactions Involved Selling

Examination of inflows and outflows for addresses holding 0.1% or more of Dogecoin's circulating supply indicates a net reduction of 245.44 million DOGE over the past 24 hours. This discrepancy represents the difference between DOGE sold and purchased by whales during this period.

Surge in Outflows, Modest Inflows

Whale outflows saw a dramatic 3,586% increase, rising from 27.35 million DOGE to 980.8 million DOGE. Inflows, on the other hand, reached 735.35 million DOGE, a 1,721% increase, but remained insufficient to offset the outflows.