Dogecoin (DOGE) Sees a Huge Increase in On-Chain Activity, Suggesting Whales Are Feeling Bullish

Over the past 24 hours, Dogecoin (DOGE) has seen a huge increase in on-chain activity, which suggests that the major players on the market are feeling

Over the past day, Dogecoin (CRYPTO: DOGE) has seen a massive increase in on-chain activity, suggesting that the market's biggest players are bullish on the leading meme coin.

As such, IntoTheBlock's Whale Netflow metric shows that large amounts of DOGE are flowing into the wallets of large holders, increasing from 45.3 million DOGE to 431.3 million DOGE — a 957% increase over the period.

This metric showcases the net flow of DOGE into and out of the wallets of large holders, defined as those holding more than 0.1% of the circulating DOGE supply. It provides insight into the buying and selling behavior of these key market participants.

This highlights the accumulation of the popular meme cryptocurrency by large investors, which is typically seen as a bullish sign for the price.

Particularly during market lows, large spikes in net inflows are not uncommon, suggesting that whales are actively buying more Dogecoin as the price dips, potentially signaling further upward movement.

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Drilling down further, a total of 620.84 million DOGE were recently added to the wallets of large holders. Some Dogecoin also flowed out of these wallets, increasing from 56.85 million DOGE to 189.54 million DOGE; however, the net accumulation remained positive, indicating continued buying by large investors.

This metric tracks the total amount of a specific cryptocurrency flowing into and out of the wallets of large holders over a given period. It provides insight into the buying and selling behavior of these key market participants and can help identify trends in their cryptocurrency acquisition or distribution strategies.

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