Even though it is the weekend, the cryptocurrency market does not sleep as trades are made 24 hours a day, seven days a week. Although volatility may be low during these days, there is still room for things to happen.
For example, one of the highlights of the past 24 hours belongs to Dogecoin (DOGE), as according to data from IntoTheBlock, a 1,645% spike took place within the blockchain for the most popular meme coin.
The notable increase was seen in the Large Holders Net Flow metric, as the inflows minus outflows associated with these addresses increased from 22.35 million DOGE to 367.82 million DOGE over the course of the day. To put this into perspective, large holders are addresses that hold no less than 0.1% of the circulating supply.
Behind this staggering increase was a sudden surge in Dogecoin inflows into these wallets, totaling 405.82 million DOGE. At the same time, outflows of the meme coin fell by about 72 million DOGE. Such discrepancies between inflows and outflows are rare, as the two metrics tend to correlate.
The whales are here and they are bullish
The tentative conclusion is that Dogecoin investors bought more DOGE than they sold in the past 24 hours.
While big players are buying more and more DOGE, the largest meme coin is in what can be called a local accumulation phase.
Volatility has dropped significantly after the extreme volatility of the past few weeks, so there is a bit of calm on the DOGE price chart at the moment. However, this is the time when whales and the so-called âsmart moneyâ make their moves.
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