In an amazing change of events, Dogecoin (DOGE) has gone up by an amazing 868% in the last 24 hours. This is because big investors in the cryptocurrency market, called “whales,” are buying more.
IntoTheBlock data shows a lot of activity on the blockchain, which shows that market players are very optimistic about the popular meme cryptocurrency. In particular, the whale netflow metric, which tracks the flow of DOGE into the wallets of significant holders, has gone from negative numbers to a huge 364.38 million DOGE in that time frame.
Whale Accumulation Signals Bullish Outlook for Dogecoin
This net inflow measure is very important because it shows how much money is coming into Dogecoin from investors and “whales,” who own more than 0.1% of the total supply. When major investors buy so much cryptocurrency at once, it usually means they have faith in its future performance. This belief tends to coincide with market lows and means that a lot of people are buying when prices drop.
To make things even better for the bulls, a total of 417.68 million DOGE has been added to the pockets of these significant holders. Over the same time period, a lot less DOGE is leaving these wallets—from 85.5 million to 53.3 million DOGE. The fact that whales are selling less shows that they are very sure that DOGE’s price is going to go up a lot.
The rise in these important network measures shows that more and more important investors are getting involved in the Dogecoin market, which shows that they are optimistic about the cryptocurrency’s future. The significant amount of gathering by whales supports bearish sentiment for DOGE in the short term. This could lead to even more price growth.
