Dogecoin Whales Worryingly Cash Out Amid DOGE Price Pump

Dogecoin Whales Sell Off, Signaling Potential Downturn

Yesterday, Dogecoin (DOGE) prices rallied as whales accumulated the popular meme cryptocurrency. However, the situation has shifted dramatically today.

According to IntoTheBlock data, the netflow of DOGE into large holder wallets has plummeted from 369.46 million to -88.01 million. In the past 24 hours alone, 457.47 million DOGE (approximately $46 million) has exited large holder wallets.

Large holders are typically defined as those with more than 0.1% of the circulating supply. Their netflow activity indicates a significant reduction in holdings or selling by major investors.

These dips often signal a shift in bias, as large players reduce their positions, which can precede a bearish trend.

Pump, Dump, or Correction?

Notably, the preceding 48 hours witnessed a surge in netflow of nearly 1,500%, followed by a sell-off the next day. This is supported by separate metrics for inflows and outflows.

During the review period, inflows declined by 85.6% to 66.21 million DOGE. Simultaneously, the outflow of Dogecoin from major holder wallets amounted to 154.22 million DOGE, a 66% increase compared to the previous day.

Price Action

Despite the volatility, the price of DOGE soared by 7% yesterday to $0.106 before dropping by 4.2%. Subsequent micro pumps and dumps have occurred, but overall, the price action remains relatively flat.