Dogecoin

bullish

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
As Monday saw a 6% drop in the price of&nbsp;<a href="https://u.today/dogecoin-doge-skyrockets-25-in-volume-as-price-takes-bait">Dogecoin (DOGE)</a>, a new wave of bullish activity emerged on the chain of the popular meme cryptocurrency. According to data from&nbsp;<a href="https://app.intotheblock.com/coin/DOGE/deep-dive?group=ownership&amp;chart=all">IntoTheBlock</a>, the net flow of DOGE into the wallets of large holders increased by more than 118% over the past day - from 67.85 million to 148.36 million tokens, which is equivalent to $14.84 million.
The metric shows how the positions of whales and investors with more than 0.1% of the supply of&nbsp;<a href="https://u.today/dogecoin-founder-issues-bitcoin-profit-statement-as-btc-plunges-722">Dogecoin</a> are changing. Basically, spikes in netflow mean that large players are building their positions, while declines indicate that positions are being reduced or sold.&nbsp;
<img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="321df05e-9ea5-4470-ab3a-0e1ab618d5dc" src="https://u.today/sites/default/files/inline-images/dogecoin_6.png">Source: <a href="https://app.intotheblock.com/coin/DOGE/deep-dive?group=ownership&amp;chart=all">IntoTheBlock</a>
For example, we can see how the growth in the netflow of large DOGE holders preceded a spike in the price of the popular meme cryptocurrency as, in the last 24 hours, its quotations went up by over 1.5%. Currently, the price of Dogecoin is $0.1 per DOGE.
<img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="8ed407ac-b6d7-4033-b9ea-956abe7ed848" src="https://u.today/sites/default/files/inline-images/dogeusd.png">DOGE to USD by <a href="https://coinmarketcap.com/currencies/dogecoin/">CoinMarketCap</a>
However, digging deeper, we can see that the real reason behind the rise is not the increase in inflows, but rather the decrease in outflows. During the period under review, outflows of&nbsp;<a href="https://u.today/no-dogecoin-airdrop-crucial-doge-warning-issued">DOGE</a> from the wallets of large holders decreased by 45.9% to 111.41 million tokens.&nbsp;
<img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="0c2044b9-6099-4826-a0b2-3729fbc38bbd" src="https://u.today/sites/default/files/inline-images/dogehold.png">Source: <a href="https://app.intotheblock.com/coin/DOGE/deep-dive?group=ownership&amp;chart=all">IntoTheBlock</a>
Interestingly, the inflows also decreased, but only by 5.13%, and they still remained at 259.77 million DOGE.
Whether this is the beginning of something bigger on the bullish side for Dogecoin remains to be seen.&nbsp;
However, some disturbance of calm in the quotes of the largest and most popular meme cryptocurrency is definitely worth waiting for now. This is due to the fact that the increase in on-chain activity is often a harbinger of trouble on the price chart.

Dogecoin Rockets 118% in Bullish Whale Activity

U_Today

Other articles published on Aug 29, 2024

Cardano Price Prediction: ADA Eyes 10% Drop As Charles Hoskinson Disappears

Crypto Investment Boom: $2.83B in Q2, Iris Energy Tops List

ReformDAO Announces $RFRM Token Listing on Gate.io, MEXC, and Bitget (29 Aug)

Crypto Leaders Slam SEC And Gary Gensler For Targeting NFT Marketplace OpenSea With Wells Notice

What is Tron Blockchain’s SunPump?

Keeping Up with the Crypto Industry: How People Stay Informed

Join our free newsletter for daily crypto updates!