Dogecoin Rockets 1,476% With Whale Buys

Dogecoin Surges as Whale Activity Indicates Bullish Sentiment

Over the past day, Dogecoin (DOGE) has exhibited significant activity on the blockchain, suggesting growing optimism among market participants.

IntoTheBlock's whale netflow metric indicates a substantial influx of DOGE into large holder addresses. This inflow increased from 25.06 million tokens to 369.46 million tokens.

This net inflow suggests increased buying pressure from large investors, known as whales, who hold over 0.1% of the circulating supply. Such investments are typically considered positive for an asset's price. Source: IntoTheBlock

Intriguingly, historical data suggests that spikes in net inflow often coincide with market lows. This implies increased buying pressure during periods of price weakness.

Further analysis reveals an uptick in accumulation by large investors. These addresses have added 462.33 million DOGE to their wallets and increased their trading activity, with outflows rising from 22.31 million to 92.87 million DOGE.

This surge in whale activity aligns with renewed interest in Dogecoin sparked by Elon Musk's recent social media engagement. While correlation does not imply causation, the timing is noteworthy.