According to U.Today, on-chain statistics from IntoTheBlock reveal a substantial decrease in the netflow of Dogecoin (DOGE) to the wallets of large holders over the past 24 hours. The netflow, which measures the ratio of DOGE flowing into wallets holding at least 0.1% of the total supply minus the outflow from these wallets, has dropped significantly from 375.4 million tokens to 27.98 million tokens. This decline is primarily attributed to a reduction in inflows rather than an increase in outflows. In the last 24 hours, the inflow into whale Dogecoin wallets has decreased from 450.99 million DOGE to 66.35 million DOGE. This trend suggests a decrease in activity and interest rather than a bearish sell-off by the largest holders. While the lack of activity is not conducive to a price increase, it does not indicate rising selling pressure on DOGE. The price of Dogecoin has once again reached a key local support level at around $0.125 per token. If Dogecoin manages to hold this level, the prevailing sentiment will likely remain bullish or at least 'not-bearish.' However, if it falls below this level, it could become a significant resistance for the cryptocurrency. The actions of major holders and the overall market sentiment will be crucial in determining the next move for Dogecoin.