As a seasoned analyst with years of experience in the ever-evolving world of cryptocurrencies, I can confidently say that even during weekends, the digital market pulses with unending activity. The tranquil facade belies the potential for significant shifts.
Even though it’s the weekend, the crypto market does not sleep as trades are made 24 hours a day, seven days a week. While volatility may be low these days, there’s still room for things to happen.
For example, one of the highlights of the past 24 hours was on the side of Dogecoin (DOGE), as according to data from IntoTheBlock, a 1,645% spike took a place in the on-chain realm for the most popular meme coin.
A significant surge was observed in the Large Holder’s Netflow measure, as the difference between incoming and outgoing Dogecoin (DOGE) transactions for these prominent wallets soared from 22.35 million DOGE to 367.82 million DOGE throughout the day. In simpler terms, these large holders represent wallets that possess at least one percent of the total circulating supply.
This significant rise can be attributed to a rapid influx of Dogecoin into these wallets, amounting to about 405.82 million DOGE. Concurrently, outgoing transactions of the meme coin decreased by around 72 million DOGE. It’s unusual to see such a difference between incoming and outgoing amounts, as they typically align.
Whales are here, and they are bullish
In summary, it appears that Dogecoin’s big investors (whales) have purchased significantly more DOGE than they’ve offloaded within the past 24 hours.
Meanwhile, as major entities continue to purchase large amounts of Dogecoin, the popular meme coin is currently experiencing a period often referred to as local hoarding or consolidation.
As an analyst, I’ve noticed a notable decrease in volatility in the DOGE market after the turbulent weeks we’ve experienced. This current period of calm on the price chart could be a sign that the ‘whales’ and the ‘smart money’ are preparing to execute their strategies.
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2024-10-13 15:41