Dogecoin (DOGE) Eyes Golden Cross as Whales Accumulate

There has been a lot of activity on-chain for Dogecoin (DOGE) recently, which suggests that people invested in cryptocurrencies are feeling more optimistic

Cryptocurrency investors appear to be growing more bullish on the popular dog-themed meme coin Dogecoin (CRYPTO: DOGE), with the latest on-chain activity indicating a shift in sentiment.

According to IntoTheBlock's large holders netflow metric, a significant amount of DOGE has been flowing into the wallets of major holders over the past 24 hours, compared to previous days.

The netflow has increased substantially during this period, moving from 7.4 million DOGE to 123.03 million DOGE.

This change in activity suggests that large investors may be preparing to make some hefty purchases, a trend that is often observed during market declines.

This behavior aligns with historical data, indicating increased buying activity at price lows.

Further evidence of this trend is highlighted by the decrease in the number of coins flowing out of these investors' wallets, shifting from 107.71 million to 51.83 million.

This adjustment showcases these investors' belief in Dogecoin's potential for substantial future growth.

This accumulation by major players adds to the growing optimism surrounding Dogecoin.

As reported by U.Today, the meme coin is now close to completing its first "golden cross" in over four years.

A short-term moving average crossing above a long-term one is a technical pattern that is often viewed as a sign of bullish sentiment.

The last time Dogecoin experienced a golden cross was in January 2021, a period that saw its price skyrocketing by 8,000% to reach an all-time high of $0.76.

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