Dogecoin (DOGE) has seen a significant rise in on-chain activity in the last 24 hours, which suggests that market players are becoming more optimistic.
The most recent information from IntoTheBlock’s whale netflow measure shows that large holders are buying a lot of Dogecoin.
The volume has gone from negative to positive 364.38 million DOGE, which means that a lot of new DOGE has been added to the wallets of major users.
Dogecoin’s Net Inflow
The net inflow metric shows how the money of whales and investors who own more than 0.1% of Dogecoin’s circulating stock moves. The current rise in this measure shows that major players have invested a lot of money into DOGE, which shows they are optimistic about its future.
In the past, when the market is at its lowest point, there are usually more net flows. This suggests that whales are buying more DOGE when prices drop.Additionally, 417.68 million DOGE were sent to the wallets of large buyers during the time frame that was observed, which is another example of this trend.
The amount of DOGE leaving these wallets has also gone down a lot, from 85.5 million to 53.3 million. With less money leaving the market and more coming in, it’s clear that major players are carefully increasing their holdings.
These network signs going up means the major players in the Dogecoin market are taking part. When big investors buy more DOGE, it’s a clear sign that they believe the meme coin will do well in the future. These changes show that major players believe Dogecoin will do well in the future. This makes the market feel even better right now.
