There has been a lot of on-chain activity with Dogecoin (DOGE) over the past day, which may suggest that market participants are bullish toward the popular meme cryptocurrency.
Thus, IntoTheBlock's whale netflow metric signals that Dogecoin is flowing into the addresses of major holders in large amounts, as it has risen from the negative zone to 364.38 million DOGE over the specified period.
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The net inflow shows how much money whales and investors holding more than 0.1% of DOGE's working capital are putting into the market. The current status proves that big investors are allegedly buying a lot of Dogecoin, which may be good for the price. Moreover, market lows often match bursts of net flow, showing more buying during price drops.
Source: IntoTheBlock
Further confirming the trend, 417.68 million DOGE have been added to the wallets of major Dogecoin holders. Meanwhile, the amount of coins leaving these large holders' wallets has gone down - from 85.5 million to 53.3 million DOGE.
DOGE to the moon?
The increase in these network indicators shows more influential players are taking part in the DOGE market. More to the point, this shows that big investors think the meme cryptocurrency will do well. The growing accumulation by these key players could mean strong future performance, which supports the bullish sentiment on the Dogecoin market.
DOGE to USD by CoinMarketCap
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In summary, Dogecoin's recent activity reflects strong bullish sentiment driven by significant whale accumulation. The notable increase in net inflows and the concurrent decrease in outflows emphasize the positive outlook of major market players, suggesting potential growth for DOGE in the near future.