Dog-themed cryptocurrency Dogecoin (DOGE) has surged nearly 29% over the past seven days. Accompanying Dogecoin’s price surge has been a staggering 1,856% increase in net inflows from large holders over the same period.
IntoTheBlock's large holder net flows provide insight into whale position changes, with spikes indicating accumulation from large players and drops indicating reduced or selling positions.
The 1,856% increase in net inflows highlights the positive sentiment surrounding Dogecoin price, causing it to outperform the 50 largest cryptocurrencies by market capitalization in terms of weekly gains.
Dogecoin has been in the spotlight over the past week as discussions about the meme coin reached a five-month high. Tesla CEO Elon Musk tweeted last Tuesday that “DOGE will fix it” in response to a report that California officials had banned SpaceX from launching more rockets from the state.
Dogecoin: What Will the Price Be Next?
At the time of writing, DOGE is facing mild profit-taking, down 1.45% over the past 24 hours to $0.142.
DOGE’s most recent rally saw key support levels turn into support, notably the 50-week and 100-week simple moving averages (SMAs) at around $0.1196 and $0.970, respectively.
Dogecoin has broken above $0.14, so the next price target could be $0.17, followed by $0.19. The 50-day moving average, currently at $0.108, is expected to provide key support if profit-taking occurs. Dogecoin is currently ranked as the eighth-largest digital asset, with a market capitalization of $20.83 billion.
Initially considered a joke by developers who wanted to mock the seriousness of Bitcoin, it evolved into a serious cryptocurrency during the crypto price boom of 2020 to 2021.
