Dogecoin Whales Store 400 Million More
Dogecoin whales are increasing their holdings as blockchain activity rises. The newest on-chain data shows that addresses with big Dogecoin balances witnessed a 960% spike in holdings within 24 hours. The meme-based cryptocurrency just broke a bearish trendline, so significant holders are accumulating at a crucial time.
According to the IntoTheBlock dashboard, Dogecoin whales increased their holdings by 446.9 million DOGE tokens on September 11. This data was disclosed by the statistic ‘Large Holders Inflow,’ which monitors DOGE coins entering addresses owning at least 0.1% of Dogecoin's circulating supply. This data reveals that significant investors added 493.15 million DOGE on Sept. 11, up from 46.25 million.
Additionally, netflow statistics increased from -395.88 million DOGE the day before to 414.97 million DOGE on September 11. Outflows (tokens leaving addresses) minus inflows (tokens entering addresses) during a period determines netflow. Positive netflows imply whales are buying more Dogecoin, while negative figures indicate a selloff.
IntoTheBlock data also reveals a drop in DOGE owned by cryptocurrency exchange wallet addresses. The ‘Aggregated Exchanges Netflow’ statistic shows a 24-hour net outflow of -104.31 million DOGE and a 7-day net outflow of -108.89 million DOGE. These negative numbers indicate that exchangers are withdrawing more Dogecoin than depositing. Previously, whale addresses had increased selling pressure, so this adjustment in market attitude is noteworthy.
DOGE is now trading at $0.1031, up 0.69% in 24 hours. DOGE is 15% above its week-low of $0.08969 after a rebound. For crypto expert Javon Marks, this surge puts DOGE on a small breakthrough above the top trendline in a multi-month falling wedge.
DOGE bulls have struggled to break over $0.104 for three days, therefore the breakout is incomplete. He expects a 100% price gain for DOGE to reach $0.22 if it breaks out. From there, a bigger positive rise for $0.6533 is possible.
