Dogecoin (DOGE), the popular meme-inspired cryptocurrency, has witnessed a significant surge in whale activity, with net inflows skyrocketing by an astounding 868% in a single day. This sudden increase in on-chain activity suggests a growing bullish sentiment among major market participants towards the digital asset.
According to data from IntoTheBlock, the whale netflow metric for Dogecoin has risen dramatically from negative territory to 364.38 million DOGE over the observed period. This metric measures the flow of DOGE into addresses of major holders, specifically those controlling more than 0.1% of the cryptocurrency’s circulating supply. The current status indicates that large investors are accumulating substantial amounts of Dogecoin, potentially signaling positive price action in the near future.
Further reinforcing this trend, an additional 417.68 million DOGE have been added to the wallets of major Dogecoin holders. Simultaneously, the outflow from these large wallets has decreased significantly, dropping from 85.5 million to 53.3 million DOGE. This combination of increased inflows and reduced outflows underscores the growing confidence among influential players in the DOGE market.
The surge in these network indicators reflects an increasing participation of major investors in the Dogecoin ecosystem. This heightened activity among whales often correlates with market lows, suggesting that large-scale buying occurs during price dips. As a result, the current accumulation by key players could be indicative of strong future performance for Dogecoin. While the cryptocurrency market remains volatile and unpredictable, this notable increase in whale activity presents a potentially bullish outlook for DOGE in the coming period.
