#Dogecoin Rockets 🚀🚀🚀 118% in Bullish Whale 🐳🐳🐳 Activity
On Monday, Dogecoin ($DOGE ) experienced a 6% price drop, but a surge in bullish activity emerged on the blockchain of the popular meme cryptocurrency. According to data from IntoTheBlock, the net flow of DOGE into the wallets of large holders surged by over 118% in the past day, rising from 67.85 million to 148.36 million tokens, equivalent to $14.84 million.
This metric tracks changes in the positions of whales and investors holding more than 0.1% of Dogecoin's total supply. Typically, spikes in net flow indicate that large players are increasing their positions, while declines suggest that positions are being reduced or sold off.
For instance, the recent increase in the net flow of large DOGE holders preceded a 1.5% uptick in the meme cryptocurrency's price over the last 24 hours. Currently, Dogecoin is trading at $0.10 per DOGE.
However, a closer look reveals that the real driver behind this rise isn't an increase in inflows but a significant decrease in outflows. During the period under review, DOGE outflows from the wallets of large holders dropped by 45.9%, reaching 111.41 million tokens.
Interestingly, while inflows also saw a slight decline of 5.13%, they still remained substantial at 259.77 million DOGE.
Whether this marks the beginning of a larger bullish trend for Dogecoin remains uncertain. However, the increased on-chain activity suggests that some volatility in the price of the most popular meme cryptocurrency could be on the horizon.
Source - u.today
