As a seasoned researcher with years of experience in the cryptocurrency market, I have learned to navigate its tumultuous waves with a mix of excitement and caution. Yesterday’s surge in Dogecoin (DOGE) prices, fueled by whales stuffing their bags, was an intriguing development. However, today’s dramatic reversal, as indicated by the dwindling netflow to large holders, has piqued my interest even more.
Yesterday, it appeared that the value of Dogecoin (DOGE) was climbing, and large investors, or “whales,” seemed to be accumulating more of this well-known meme cryptocurrency. However, today, there’s been a significant shift in this trend.
Based on the insights I’ve gleaned from IntoTheBlock’s on-chain data, it appears there’s been a significant shift in Dogecoin (DOGE) distribution among large holders. Specifically, the net flow of DOGE tokens to these wallets has dropped from approximately 369.46 million tokens to -88.01 million within the past day. This suggests that a substantial amount, around 457.47 million DOGE or roughly $46 million, has left the wallets of major holders in the last 24 hours.
Typically, an individual holding over 0.1% of the total circulating supply is classified as a large holder or whale. We monitor fluctuations in money moving into and out of these accounts using the Large Holder Netflow indicator. A decrease in this netflow suggests a substantial drop in holdings or trading activity by major investors.
These changes in the dips suggest a shift in bias as significant players are scaling back their holdings, typically signaling an upcoming downtrend or bear market.
Pump, dump or bump?
Over the past two days, there was nearly a 15-fold increase in netflow, followed by a sell-off. This trend is supported by independent data on inflows and outflows as well.
During the reviewed period, the inflow of Dogecoin dropped by a substantial 85.6%, reaching approximately 66.21 million DOGE. Simultaneously, a significant increase was observed in outflows from major holders’ wallets, amounting to 154.22 million DOGE – representing a 66% rise compared to the previous day.
Regarding the value of the meme cryptocurrency DOGE, it experienced a 7% increase yesterday to reach $0.106 per coin, only to drop by 4.2% later on. Throughout the day, there were several brief spikes and drops, but overall, this pattern of price fluctuation is simply characterized as volatility or chop.
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2024-08-21 17:30