As an analyst with over a decade of experience in the crypto market, I’ve seen my fair share of ups and downs, bull runs, and bear markets. Looking at the recent netflow statistics of Dogecoin (DOGE), it seems like we’re witnessing a decrease in activity among large holders, but not necessarily a bearish sell-off.
In the past day, there’s been a substantial decrease in Dogecoin (DOGE) being transferred to large holders’ wallets, according to recent on-chain data from IntoTheBlock. The difference between DOGE flowing into wallets holding at least 0.1% of the total supply and the amount leaving these wallets has plummeted – falling from approximately 375.4 million tokens to just 27.98 million tokens.
As a researcher examining the Dogecoin transactions over the last 24 hours, I’ve noticed an intriguing trend. The inflow into whale Dogecoin wallets has significantly decreased, falling from approximately 450.99 million DOGE to just 66.35 million DOGE. This decrease, however, should be viewed as a positive sign rather than a bearish indication. It suggests reduced activity and interest, not a massive sell-off by the largest holders. Instead, it could imply that the whales are holding onto their Dogecoin, potentially waiting for more favorable market conditions before making further moves.
Certainly! The absence of activity isn’t pushing the Dogecoin price upward, but fortunately, there are no additional forces causing the price to fall either.
Dogecoin (DOGE) price outlook
Regarding DOGE, the cost of its well-known meme-based cryptocurrency has yet again touched a crucial support point at approximately $0.125 per unit. If Dogecoin can maintain this level, an optimistic, or less pessimistic, outlook will likely prevail.
If it falls below this point, it may create a tough hurdle for the widely accepted meme cryptocurrency. In this scenario, the behavior of significant investors and the overall market sentiment – along with the dominant storyline currently in play – will carry substantial weight.
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2024-07-31 18:02