Dogecoin

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Just yesterday, the price of&nbsp;<a href="https://u.today/dogecoin-rockets-1476-with-whale-buys" rel="noopener noreferrer nofollow">Dogecoin (DOGE)</a> was rising, and whales were stuffing their bags with the popular meme cryptocurrency, as today the situation has changed dramatically.
As indicated by on-chain data from&nbsp;<a href="https://app.intotheblock.com/coin/DOGE/deep-dive?group=ownership&amp;chart=all" rel="noopener noreferrer nofollow">IntoTheBlock</a>, the netflow of DOGE to wallets of large holders has decreased from 369.46 million tokens to -88.01 million. To put this into perspective, in the past 24 hours, 457.47 million&nbsp;<a href="https://u.today/dogecoin-doge-explodes-72-in-volume-price-breakout-coming" rel="noopener noreferrer nofollow">DOGE</a>, which is equivalent to around $46 million, has flowed out from the wallets of big holders.&nbsp; <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="979302a5-4192-473a-86d5-9755b15c28db" src="https://u.today/sites/default/files/inline-images/dogeout.png">Source: <a href="https://app.intotheblock.com/coin/DOGE/deep-dive?group=ownership&amp;chart=all" rel="noopener noreferrer nofollow">IntoTheBlock</a>
As a general rule, any holder with more than 0.1% of the circulating supply is considered a large holder, or whale. The net change in inflows and outflows for these addresses is tracked by the Large Holder Netflow metric. When declines in netflow occur, they signal a significant reduction in holdings or selling activity by large investors.
These dips indicate a change in bias as major players reduce their positions, which often precedes a bearish trend.
<h2 dir="ltr" id="pump-dump-or-bump">Pump, dump or bump?</h2>
Interestingly, just the previous 48 hours saw an almost 1,500% surge in netflow, while the next day saw a sell-off. This is further confirmed by separate metrics of inflows and outflows.
Thus, in the period under review, the figure of inflows decreased by 85.6% to 66.21 million DOGE. At the same time, the amount of&nbsp;<a href="https://u.today/elon-musk-stuns-dogecoin-community-with-new-post" rel="noopener noreferrer nofollow">Dogecoin</a> flowing out of the wallets of major holders totaled 154.22 million DOGE, which is 66% more than the day before.&nbsp; <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="40fc54f2-7c4f-4b67-a7d6-dd862519cb4f" src="https://u.today/sites/default/files/inline-images/dogedollar.png">DOGE to USD by <a href="https://coinmarketcap.com/currencies/dogecoin/" rel="noopener noreferrer nofollow">CoinMarketCap</a>
As for the price of the meme cryptocurrency, it soared by 7% yesterday to $0.106 per DOGEbut then dumped by 4.2%. Later, it was also accompanied by a series of micro pumps and dumps, but generally this price action is nothing more than a chop.

Dogecoin Whales Worryingly Cash Out Amid DOGE Price Pump

Table of Contents

U_Today

Other articles published on Aug 21, 2024

Brazilian Regulator Grants Approval for Second Solana ETF in the Country

Hacker Steals $55 Million In Dai Tokens Via Phishing Attack

China Recognizes "Virtual Asset" Transactions in New AML Law Interpretation Amid Crypto Unban Rumors

Gate Ventures and Abu Dhabi Blockchain Center Launch $100M Web3 Fund

Better Markets CEO: SEC Has 90% Chance of Beating Ripple On Appeal, XRP Army Responds

NFT Artist Ali Sabet Drops A New NFT Collection On Magic Eden

Join our free newsletter for daily crypto updates!