In the past 24 hours, the on-chain activity of Dogecoin (DOGE) has significantly increased, indicating bullish investor behavior. IntoTheBlock's 'Net Flow of Large Holders' metric shows that the amount of DOGE flowing into large holder wallets has increased dramatically by 275.54%. In just one day, the total amount of DOGE increased from 624.23 million to 1.72 billion, indicating that larger market participants remain optimistic about the future of cryptocurrency.
To briefly introduce, large holders are market participants who control over 0.1% of the total supply of DOGE. We often see a surge in net inflows during periods of price pauses or declines.
The reason for this situation is that large investors tend to accumulate assets when prices stagnate, which is often seen as a good sign for the asset, indicating that large investors are preparing for a potential rise in asset prices.
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The recent net increase in Dogecoin holdings further proves the strengthening of investor confidence. Therefore, a total of 3.12 billion DOGE has been added to the wallets of major holders, an increase of 33.9% compared to the previous day. Although there were some outflows, with 1.7 million DOGE flowing out of these wallets, the overall trend remains positive, with the amount of Dogecoin held by whales exceeding the amount sold.
This accumulation pattern aligns with broader market optimism. Whales tend to be more cautious about their actions and usually only take action when they expect further price increases. The increase in net inflows, along with the steady accumulation by major shareholders, indicates that many whales are preparing for a future bullish momentum of DOGE.
