As became known thanks to on-chain data from IntoTheBlock, the amount ofDogecoin (DOGE) inflows into the wallets of large investors - those who hold no less than 0.1% of the circulating supply, - totaled 2.96 billion DOGE in the last 24 hours. For comparison, in the previous 24 hours, this amount was only 563.83 million DOGE.
The increase in just one day was 425.65%, or 2.396 billion DOGE. But what a 24 hours it was, as the price of the major meme cryptocurrency increased by 29.69% at its peak yesterday.
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Interestingly, the amount of outflows from the same wallets also increased, totaling 2.15 billion DOGE over the course of the day. However, the day before, it was 1.42 billion DOGE, which means that outflows increased by 51.4%, or 730 million DOGE.
This also means that even though outflows increased and were higher than the day before, the amount ofDogecoin flowing into the wallets of large holders was still much higher, and the rush was much stronger.
As a result, the net flow amounted to 811.45 million DOGE, in stark contrast to -856.14 million DOGE the day before.
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Despite increased selling pressure, this wave of accumulation reflects the continued interest in DOGE, with 2.96 billionDOGE added to whale wallets in just one day. It signals a net accumulation trend among Dogecoin whales, implying strong confidence in the short-term performance of the meme coin.
This massive increase in whale activity makes Dogecoin a preferred bet among large holders in the cryptocurrency space in the current market environment.
