Dogecoin Whales Wake Up With Almost 1,000% Activity, Will Price Follow?
Dogecoin holders are working hard to shift the crypto's direction following weeks of stasis and dull price activity. On-chain data shows significant Dogecoin holders are trying to continue last week's encouraging price surge. Both big holder netflow and exchange netflow are higher, indicating DOGE whale activity and accumulation, according to IntoTheBlock (ITB).
Dogecoin Whales Gain Activity
The âLarge Holder Netflow,â one of IntoTheBlockâs finest whale activity indicators, has improved. Large holder netflow is the difference between DOGE coins entering and leaving addresses at least 0.1% of the circulating supply. Netflow is greater when inflow exceeds outflow.
Whale accumulation techniques are bullish for the cryptocurrency, thus this trend is usually up. In instances of negative readings, withdrawals exceed inflows into whale addresses, which is ominous for the price outlook.
In the previous 24 hours, ITB data shows that netflow rose from -2.23 million DOGE to 20.66 million DOGE. This 1000% rise means whale activity has skyrocketed. This netflow may seem minor compared to prior market rallies, but it's a vital first step for the meme currency after a long slumber.
This increase in DOGE whale activity correlates with a drop in crypto exchange holdings. Over the same 24-hour period, the aggregated exchange netflow fell from 28.25 million DOGE to -43 million DOGE.
DOGE is up 1.96% in 24 hours and 7.78% in 7 days at $0.1086. After the price increase, DOGE has failed to breach over $0.11, a price mark it has struggled to surpass since September.
Technical analysis of DOGE shows $0.11 as a key level for a bullish surge. Just DOGE breaking over $0.11 remains. If it breaks $0.11, huge holders may accumulate and change its price for the year.
