There has been a lot of activity on-chain for Dogecoin (DOGE) recently, which suggests that people invested in cryptocurrencies are feeling more optimistic toward the popular dog-themed meme coin.
As the large holders netflow metric by IntoTheBlock shows, a lot more DOGE is going to the wallets of major holders in the last 24 hours, compared to previous days.
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As a result, the netflow has increased significantly, from 7.4 million DOGE to 123.03 million DOGE, in the period under review.
Source: IntoTheBlock
The increase in activity suggests that major investors may be preparing to make some big purchases, which is often seen during market declines. This behavior aligns with historical trends, indicating increased buying activity at price lows.
Further evidence of this trend is provided by the fact that the number of coins leaving their wallets has fallen from 107.71 million to 51.83 million. This shift shows that these investors think Dogecoin has the potential to grow a lot in the future.
DOGE eyes golden cross
This accumulation by major players is another sign that people are optimistic about Dogecoin. The meme coin is close to achieving its first "golden cross" in over four years, according to U.Today.
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This technical pattern, where a short-term moving average crosses above a long-term one, is often seen as a sign of bullish sentiment. The last time Dogecoin saw a golden cross was in January 2021, when its price shot up by 8,000% to reach an all-time high of $0.76.
