Dogecoin: Whales Make Their Move

Data from IntoTheBlock reveals a significant surge in Dogecoin (DOGE) inflows to large investor wallets (holding over 0.1% of the circulating supply). In the past 24 hours, inflows totaled 2.96 billion DOGE, a 425.65% increase from the previous day's inflows of 563.83 million DOGE.

Interestingly, outflows from these same wallets also increased, reaching 2.15 billion DOGE. However, this 51.4% increase in outflows (730 million DOGE) was still outpaced by the surge in inflows.

Consequently, the net flow reached 811.45 million DOGE, a significant contrast to the negative net flow of -856.14 million DOGE the day before.

Despite selling pressure, this accumulation wave indicates continued interest in DOGE. The addition of 2.96 billion DOGE to whale wallets within a single day suggests a net accumulation trend, demonstrating confidence in the coin's short-term performance.

This surge in whale activity reinforces Dogecoin's popularity among major investors in the current market environment.