Dogecoin Whales Buy 899% More DOGE Amid Meme Coin Price Increase

Dogecoin (DOGE) Whales Accumulate Amid Price Surge

Popular meme cryptocurrency Dogecoin (DOGE) has garnered significant attention recently. While its impressive price performance has been the focus, behind-the-scenes developments have also been noteworthy.

According to IntoTheBlock, net inflows of DOGE into wallets holding at least 0.1% of the circulating supply have surged by an astonishing 899% within the past 24 hours. This equates to 527.3 million DOGE, valued at approximately $63 million.

Further analysis reveals an increase in both inflows and outflows among these whales. However, while outflows reached 640.1 million DOGE, inflows significantly exceeded that amount with 1.17 billion DOGE. [Source: IntoTheBlock]

This suggests a bullish sentiment among Dogecoin whales, particularly within the last 24 hours.

Price Outlook

Examining this data in the context of DOGE's price, which has risen nearly 20% since the start of the week, provides a clearer picture. DOGE has closed each day this week in positive territory, often accompanied by increased net inflows into whales' wallets.

Notably, the metric only moved into positive territory the day before yesterday, indicating that whales initially sold during DOGE's rise. However, selling pressure has since eased, allowing buying pressure to accumulate.