As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market movements and trends. The recent surge in whale activity around Dogecoin (DOGE) is undeniably intriguing, and it reminds me of the old saying, “When the whales dance, the sharks follow.” Given the significant increase in large holder inflows and the decline in outflows, it seems that these whales are indeed dancing.
Recent findings indicate a massive 1645% increase in whale interactions related to Dogecoin (DOGE), suggesting rising enthusiasm and momentum for the popular meme currency. Intriguingly, a cryptocurrency expert has affirmed that the Dogecoin bull phase is already in progress, starting ahead of schedule compared to the post-Bitcoin (BTC) halving during the 2021 bull run.
Dogecoin Whale Activity Soars
As a researcher, I’ve noticed an intriguing trend: Dogecoin whales have become active, capitalizing on the stable market conditions to amass as many tokens as they can. Data from IntoTheBlock indicates a significant surge in whale activity, with the inflow of large holders’ DOGE tokens increasing dramatically within a 24-hour period. On October 11, the total number of large holders’ DOGE tokens stood at approximately 133.08 million, but by October 12, this figure had soared to an impressive 405.82 million DOGE tokens. This substantial rise suggests that whale activity has multiplied over three times in just one day.
Over the course of a single day, data from IntoTheBlock shows an impressive surge in the total amount of large Dogecoin holders, increasing from 22.35 million to 367.82 million. This represents a staggering 1,545% rise! What’s even more intriguing is that these significant investors, who control approximately 0.1% of the total circulating Dogecoin supply, appear to have halted their selling activities and are instead actively accumulating Doge tokens at an unprecedented rate.
On the 11th of October, total large holder outflows reached an impressive peak of 110.72 million. However, by the next day, these outflows significantly decreased by approximately 65.45%, falling to 38 million. According to a report from ITB, these outflows have continued to decline, with a noteworthy decrease in volume of around 11 million as of this writing.
Generally speaking, when there’s an uptick in whale activity, it could suggest a surge in desire and curiosity about trading cryptocurrencies. For instance, with Dogecoin, it seems that these large investors are stockpiling rather than offloading, which may point towards restored faith in the digital coin’s prospect for growth.
DOGE Bull Run Kicks Off 140 Days Post Bitcoin Halving
Crypto expert Master Kenobi declared the commencement of the Dogecoin surge on his recent post, drawing parallels with the bull market that emerged after the 2020 Bitcoin halving event. On October 13, he made this statement on X (previously known as Twitter), using a graph showing Dogecoin’s price fluctuations from the beginning of 2021 up to the present. Master Kenobi marked the start of the Dogecoin bull run with a green arrow in the chart.
In the last cycle, Dogecoin’s upward trend started 175 days following the Bitcoin halving in 2020, with four successive weeks of price hikes and two weeks of drops. Master Kenobi notes that this time around, Dogecoin has already initiated its bull run approximately 140 days after the April 20 Bitcoin halving event.
Additionally, he revealed that the cryptocurrency saw an uptrend in its prices over the past four weeks. Yet, if these upward trends are deemed as “deceptive,” the analyst suggests that the probability of further price drops is lessening.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- BICO PREDICTION. BICO cryptocurrency
- VANRY PREDICTION. VANRY cryptocurrency
- USD ZAR PREDICTION
- USD COP PREDICTION
- USD CLP PREDICTION
- USD PHP PREDICTION
- G PREDICTION. G cryptocurrency
2024-10-14 20:11