As a seasoned crypto investor with a knack for spotting trends and understanding market movements, I find the recent surge of Dogecoin whales adding millions to their stash quite intriguing. The significant increase in large holder inflows, coupled with the decline in exchange-linked addresses, suggests a shift in market sentiment that could potentially be bullish for DOGE.
Large Dogecoin investors (referred to as ‘whales’) are boosting their holdings, marking a significant rise in activity within the Dogecoin blockchain. Recent on-chain analysis shows that addresses with substantial Dogecoin amounts have experienced a considerable spike in their holdings, with an approximately 960% increase over a 24-hour period. This accumulation by these major stakeholders follows a crucial juncture for the meme-inspired cryptocurrency, as it has just broken through a long-standing downward trendline.
Dogecoin Whales Add Millions To Their Stash
According to data from the IntoTheBlock dashboard, Dogecoin large holders (also known as whales) recently saw their holdings increase by a massive 446.9 million DOGE tokens on September 11. This data was revealed through the ‘Large Holders Inflow,’ a metric that tracks the number of DOGE tokens entering addresses holding at least 0.1% of the total circulation supply of Dogecoin. Particularly, this data shows that the large holders increased their inflow from 46.25 million to 493.15 million DOGE on Sept. 11.
In addition, the netflow figures reveal a noticeable rise, from -395.88 million DOGE on the day prior to 414.97 million DOGE on September 11. Netflow is calculated by deducting outflows (the tokens leaving addresses) from inflows (tokens entering addresses) over a specific duration. When netflow values are positive, it suggests that ‘whales’ are amassing more Dogecoin, whereas negative values usually signify a selling trend.
On the cryptocurrency market, data from IntoTheBlock indicates a decrease in the amount of Dogecoin stored in wallets associated with exchanges. The ‘Aggregated Exchanges Netflow’ indicator reveals an outflow of approximately 104.31 million DOGE within the last day and a total outflow of around 108.89 million DOGE over the past week. This negative flow implies more Dogecoin is being withdrawn from exchanges than deposited, which could signify a change in market sentiment. Previously, data indicated increased selling pressure from large wallets or ‘whales’.
DOGE Price Movement
As I pen down these words, Dogecoin (DOGE) is currently exchanging hands at approximately $0.1031, representing an increment of 0.69% within the last 24 hours. This recent surge has propelled DOGE to a level that’s around 15% higher than its earlier weekly low of $0.08969.
Despite repeated attempts, the DOGE bulls have not been able to push the price above $0.104 for over three days, indicating that the breakout is still in progress. According to his analysis, if this breakout is successful, it could trigger a significant 100% price increase, potentially driving DOGE up to approximately $0.22. This could then pave the way for an even more substantial bullish surge, with a potential major target of $0.6533.
Dogecoin (DOGE) appears to be on the verge of a prolonged Falling Wedge breakout. If this break is successful, the price could potentially surge over 100% and revisit the $0.22 range.
Larger $0.6533 target is maintained.
— JAVONMARKS (@JavonTM1) September 9, 2024
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- BICO PREDICTION. BICO cryptocurrency
- USD COP PREDICTION
- USD CLP PREDICTION
- USD ZAR PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- USD PHP PREDICTION
- BSW PREDICTION. BSW cryptocurrency
2024-09-14 02:11