Whale Activity Boosts Dogecoin (DOGE) by 957% in Key Bull Metric

Dogecoin Shows Bullish Signs with Surging On-Chain Activity

Over the past 24 hours, Dogecoin (DOGE) has experienced a significant increase in on-chain activity, indicating growing optimism among major market participants.

IntoTheBlock's Whale Netflow metric reveals a substantial transfer of DOGE into the wallets of large holders. The metric rose from 45.3 million DOGE to 431.3 million DOGE, representing a whopping 957% increase. This surge suggests that many investors with significant DOGE holdings are accumulating the meme cryptocurrency.

Market lows often witness spikes in net inflows. This suggests that whales are actively acquiring Dogecoin during price dips, potentially signaling an anticipated upward movement.

Positive Indicators

Additional signs of a bullish outlook include the recent addition of 620.84 million DOGE to the wallets of major holders. While some DOGE has also left these wallets, the net accumulation remains positive, indicating ongoing buying activity among large investors.

The market's sentiment suggests that Dogecoin is poised for further growth. The increase in net inflows and steady whale accumulation indicates a rising confidence in the meme coin's upward trajectory. Dogecoin has already gained 10% during today's trading session, reflecting the positive momentum.