Despite a 6% drop in Dogecoin's (DOGE) price on Monday, the meme cryptocurrency has experienced a notable surge in bullish activity. Data from IntoTheBlock reveals that the net flow of DOGE into the wallets of large holders has skyrocketed by over 118% in the past day, rising from 67.85 million to 148.36 million tokens, valued at approximately $14.84 million.
This metric tracks changes in the holdings of whales and investors with more than 0.1% of Dogecoin's supply. A spike in net flow typically indicates that these major players are increasing their positions, while a decrease suggests they are scaling back or selling.
Interestingly, this surge in net flow has coincided with a recent uptick in Dogecoin's price. Over the last 24 hours, DOGE's value has risen by more than 1.5%, reaching $0.10 per token.
However, a closer look suggests that the rise may not solely be due to increased inflows. Instead, the reduction in outflows appears to be a key factor. During the same period, outflows from large holders' wallets fell by 45.9%, dropping to 111.41 million tokens.
While inflows also decreased, they only fell by 5.13%, remaining substantial at 259.77 million DOGE.
Whether this increase in whale activity signals the start of a more significant bullish trend for Dogecoin is yet to be determined. However, the heightened on-chain activity might suggest upcoming volatility or changes in the cryptocurrency's price movement.
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