Dogecoin (DOGE) Whales Accumulate 417.68 Million DOGE as Market Sentiment Turns Bullish

There has been a lot of on-chain activity with Dogecoin (DOGE) over the past day, which may suggest that market participants are bullish

Dogecoin (DOGE) price action has seen significant on-chain activity over the past 24 hours, indicating bullish market sentiment toward the meme cryptocurrency.

Specifically, IntoTheBlock's whale netflow metric indicates a large net inflow of Dogecoin into the addresses of major holders. The metric has surged from negative territory to reach 364.38 million DOGE over the stated period.

The net inflow metric showcases the net amount of DOGE being deposited into the market by whales and investors who hold more than 0.1% of DOGE's working capital. The current status of the metric highlights a strong buying wave from large investors, which could bode well for the price of DOGE. Notably, market lows often correspond with bursts of net flow, indicating increased buying during price drops.

Further confirming the trend, a total of 417.68 million DOGE were added to the wallets of major Dogecoin holders. In parallel, the outflow of coins from these large holders' wallets has decreased, moving from 85.5 million to 53.3 million DOGE.

DOGE to the moon?

The buildup in these network indicators suggests greater participation from influential players in the DOGE market. More precisely, it showcases optimism and belief in the future performance of the meme cryptocurrency among large investors. The accumulation by these key players could indicate an expectation of strong performance, which aligns with the bullish sentiment in the Dogecoin market.

Overall, Dogecoin's recent activity reflects strong bullish sentiment, driven by significant whale accumulation. The notable increase in net inflows and the concurrent decrease in outflows emphasize the positive outlook of major market players, suggesting potential growth for DOGE in the near future.

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