Over the course of the last 24 hours, Dogecoin (DOGE) has seen a big jump in on-chain activity, which suggests bullish investor behavior. As the Large Holders Netflow metric from IntoTheBlock shows that there has been a huge 275.54% increase in the amount of DOGE going into the wallets of large holders.
In just a one-day span, the total rose from 624.23 million DOGE to 1.72 billion DOGE, showing that larger market players remain optimistic about the future of the cryptocurrency.
Just to give you some context, the large holders are considered those market participants who control more than 0.1% of the total DOGE supply. We often see spikes in net inflows during price pauses or dips.
This happens because big investors tend to accumulate assets when prices stall, which is usually seen as a good sign for the asset, meaning that big investors are getting ready for a potential increase in its price.
All in, not out
There is more proof of this growing confidence among investors in the recent net accumulation of Dogecoin.
Thus, in total, 3.12 billion DOGE were added to the wallets of major holders, which is a 33.9% rise from the previous day. While there were some outflows, with 1.7 million DOGE leaving these wallets, the overall trend is still positive, and more Dogecoin is being added to whale holdings than is being sold off.
Related
This accumulation pattern fits with the broader sense of market optimism. Whales tend to be more cautious with their moves, usually acting only when they anticipate further price growth. The increased net inflows, along with the steady accumulation by large holders, show that many whales are preparing for future upward momentum for DOGE.