Whales bought over 400m DOGE, on-chain signals look bullish

Whales Accumulate Dogecoin Amidst Bullish On-Chain Indicators

Data from IntoTheBlock reveals a significant surge in Dogecoin (DOGE) accumulation by large holders on September 11th. Dogecoin's large holders' inflow increased by 970%, while whale outflow declined sharply.

Large Holder Accumulation and Reduced Selling Pressure

As per the data, large holders' net inflow reached 414.97 million DOGE on September 12th, indicating substantial accumulation. This movement suggests a cooling down of the recent selloff.

Dominance of Large Holders

Dogecoin remains dominated by large holders, with 62% of its supply held in whale addresses. Additionally, transactions involving at least $100,000 worth of DOGE exceeded $942 million in the past week.

Exchange Inflow Decline

IntoTheBlock data indicates a decline in the asset's exchange net inflow, from 84.83 million to 33.42 million DOGE. This reduction typically leads to lower selling pressure.

Price and Market Cap

DOGE has experienced a 1.6% increase in the past 24 hours, trading at $0.1024. Its market capitalization hovers around $14.9 billion, making it the eighth-largest digital currency.

All-Time High and Elon Musk's Interest

DOGE is currently 86% below its all-time high of $0.73 reached in May 2021. Recently, Tesla CEO Elon Musk expressed interest in reintegrating DOGE as a payment option for the automotive company.