As a seasoned researcher who has been following the cryptocurrency market for years now, I find the recent surge in Dogecoin (DOGE) activity particularly intriguing. Having seen countless bull and bear markets unfold, I have learned to read between the lines of on-chain metrics like “Large Holders Netflow.
Dogecoin (DOGE), the most popular meme-based cryptocurrency, has regained attention due to some significant behind-the-scenes actions, particularly in the world of blockchain transactions.
Over the past 24 hours, the significant measure of whale activity, “Large Holders Netflow” from IntoTheBlock, significantly surged upwards. It moved from a negative zone of -2.23 million DOGE to an impressive 20.66 million DOGE. This latter figure represents the substantial amount of meme coins that whales added to their holdings in just one day.
It’s noteworthy that only wallets containing at least 0.1% of the total Dogecoin circulation were included in this list.
Looking more closely at the data, it’s clear that whale wallets received approximately 76.33 million DOGE coins in the past 24 hours, while they sent out about 55.67 million. It’s worth mentioning that both the inflow and outflow figures have risen over time, but more Dogecoins were received than sent.
Dogecoin (DOGE) price outlook
The future direction of Dogecoin, a well-known meme cryptocurrency, offers insights into the strategies of significant Dogecoin investors due to its price trends.
Over the last few days, I’ve noticed that DOGE‘s price movement has primarily revolved around a dynamic resistance level, which also marks the upper edge of an approximately nine-month-old falling wedge formation. It’s common knowledge that DOGE’s price is shaping up as a bullish pattern, and the unfolding events are keenly observed by traders and fans alike.
Yet, the final hurdle remains unbroken, but the whales anticipate this, so they continue to amass in preparation for the anticipated break from the pattern.
The action suggests optimism, and should the price of Dogecoin confirm this trend, we might witness significant fluctuations or turbulence in the well-known meme currency.
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2024-09-23 17:25