A lot of people have shown their interest in Dogecoin and bought it after its recent rally.
Taking the data from October 29, the inflows into big holder accounts surged from 79.55 million DOGE to 1.36 billion DOGE, which is a very big amount.
Not only inflows, outflows have also skyrocketed from 74.42 million DOGE to 782.45 million DOGE in that same period of time.
After Bitcoin has shown an outstanding performance by trading near its all time high, Dogecoin is also following the same pattern. Among all the memecoins, Dogecoin is still on the top after its performance over this month.
In mid-October, the performance was somewhat astonishing when it was trading at 0.74% and since then it has surged over 1% for the very first time since May 2024. At the press time, the value is nearly 1.04%.
Will Dogecoin settle down?
On October 29, Dogecoin witnessed a peak with the price standing at around $0.179. Before this, the memecoin witnessed this price level in April 2024. A rise of about 74% was marked from the lowest point of coin hit this October. And, at the press time, the trading price is $0.168 accounting to a 62% surge.
Seeing the pattern, many users ask the question: will Dogecoin settle down? The exact answer of this question is somehow difficult but, following many signs, it can be concluded that a good earning will take place in the near future.
The exchange inflows and outflows
At the same time, a lot of people have shown their interest in Dogecoin and bought it after its recent rally. Although, the pitfall was restricted. The recent rally of this memecoin was highly supported by the demands stemming from whales. Taking the data from October 29, the inflows into big holder accounts surged from 79.55 million DOGE to 1.36 billion DOGE, which is a very big amount.
Not only inflows, outflows have also skyrocketed from 74.42 million DOGE to 782.45 million DOGE in that same period of time. The data clearly shows that whales have bought more than that of selling.
As per the exchange flows, we can draw the conclusion that sell pressure is intensified as of now. In the current scenario, the exchange inflow was estimated above 833 million DOGE. At the same time, the exchange outflow surpassed 597 million DOGE.
The exchange outflow is less than the exchange inflow that shows a shift from massive demand favoring selling pressure because of profit-taking. This may also inspire many investors to leave some unrealized profits on the table hoping that the price will skyrocket in the coming days.
