Dogecoin (DOGE), a well-known meme cryptocurrency, has been making news for a few days now. While the price of DOGE has performed well, there has also been discussion on what is happening with Dogecoin behind the scenes in recent days.
Data from IntoTheBlock shows that during the last day, there has been a remarkable 899% spike in net inflows of the meme cryptocurrency into wallets holding at least 0.1% of the total amount in circulation of Dogecoin. Aside from the number of coins sold, the total amount of DOGE that whales have purchased amounts to 527.3 million, or roughly $63 million.
Looking deeper into the statistics, we can see that both inflows and outflows of these whales have increased in the last day. However, if the outflows totaled 640.1 million DOGE, the inflows topped 1.17 billion DOGE.
As a result, we can conclude that Dogecoin whales have engaged in bullish activity over the last 24 hours.
Dogecoin Price Overview
It is preferable to weigh this information, nonetheless, because the price of the well-known meme cryptocurrency has increased by about 20% since the start of this week.
Every day this week saw the price of DOGE close in the green, and nearly all of these days were accompanied by a rise in net inflows into whales’ wallets.
However, the measure just entered positive territory the day before yesterday, indicating that whales first sold off DOGE’s advance. It is only today that the selling pressure has subsided and the purchasing pressure has increased.
Conclusion
The recent surge in Dogecoin (DOGE) activity, particularly the 899% spike in net inflows into whale wallets, signals growing bullish momentum among large holders of the cryptocurrency. Despite initial sell-offs during DOGE’s price increase, the substantial inflows of over 1.17 billion DOGE compared to outflows suggest renewed confidence in the token’s future potential.
This whale activity aligns with DOGE’s roughly 20% price rise throughout the week, reinforcing the notion that these influential market players see an upside in the short term. However, the volatile nature of meme coins means caution should be exercised, as sentiment can shift rapidly.
