As a seasoned analyst with years of experience in the cryptocurrency market under my belt, I must say that the recent activities surrounding Dogecoin (DOGE) have piqued my interest. The significant increase in net inflows into whale wallets holding at least 0.1% of the DOGE supply is a clear sign of bullish sentiment among the big players.
Lately, there’s been a lot of buzz surrounding Dogecoin (DOGE), with many stories focusing on its impressive price surge. However, in recent times, attention has shifted towards understanding the inner workings of Dogecoin as well.
Over the last day, I’ve noticed a significant surge (899%) in net inflows of Dogecoin into wallets controlling at least 0.1% of the total circulating supply. This has resulted in whales amassing approximately 527.3 million Dogecoins, equivalent to around $63 million, after accounting for coins sold.
Upon closer examination of the data, it’s clear that both the deposits (inflows) and withdrawals (outflows) by these whales have grown significantly over the last day. However, the value of outflows was approximately 640.1 million DOGE, while inflows surpassed this figure, totaling around 1.17 billion DOGE.
In other words, it’s clear that large Dogecoin investors (whales) have exhibited a positive trend over the past 24 hours.
Dogecoin (DOGE): Price outlook
Instead, let’s examine this information taking into account the significant increase (around 20%) in the value of the well-known meme crypto during the current week so far.
During this past week, the value of Dogecoin closed higher every day, and almost every one of those days saw a rise in the amount of Dogecoin moving into the digital wallets of large investors (whales).
Just yesterday, the metric shifted into a positive zone for the first time, suggesting that whales had earlier been selling Dogecoin (DOGE), causing its rise to slow down. However, now it appears the selling pressure has lessened, and the buying interest is starting to grow.
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2024-10-18 15:32