Dogecoin

bullish

when

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
There has been a lot of activity on-chain for&nbsp;<a href="https://u.today/dogecoin-bullish-signal-emerges-as-key-metrics-skyrocket" rel="noopener noreferrer nofollow">Dogecoin (DOGE)</a> recently, which suggests that people invested in cryptocurrencies are feeling more optimistic toward the popular dog-themed meme coin.
As the large holders netflow metric by <a href="https://app.intotheblock.com/coin/DOGE/deep-dive?group=ownership&amp;chart=all" rel="noopener noreferrer nofollow">IntoTheBlock</a> shows, a lot more DOGE is going to the wallets of major holders in the last 24 hours, compared to previous days.
As a result, the netflow has increased significantly, from 7.4 million DOGE to 123.03 million&nbsp;<a href="https://u.today/dogecoin-doge-on-verge-of-first-golden-cross-in-4-years" rel="noopener noreferrer nofollow">DOGE</a>, in the period under review. <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="7921ed73-8c74-4918-acf3-6837c8d03340" src="https://u.today/sites/default/files/inline-images/dogecoin_9.png">Source: <a href="https://app.intotheblock.com/coin/DOGE/deep-dive?group=ownership&amp;chart=all" rel="noopener noreferrer nofollow">IntoTheBlock</a>
The increase in activity suggests that major investors may be preparing to make some big purchases, which is often seen during market declines. This behavior aligns with historical trends, indicating increased buying activity at price lows.
Further evidence of this trend is provided by the fact that the number of coins leaving their wallets has fallen from 107.71 million to 51.83 million. This shift shows that these investors think Dogecoin has the potential to grow a lot in the future.
<h2 dir="ltr" id="doge-eyes-golden-cross">DOGE eyes golden cross</h2>
This accumulation by major players is another sign that people are optimistic about&nbsp;<a href="https://u.today/dogecoin-cofounder-reacts-to-this-vitalik-buterin-presentation" rel="noopener noreferrer nofollow">Dogecoin</a>. The meme coin is close to achieving its first "golden cross" in over four years, according to U.Today.
This technical pattern, where a short-term moving average crosses above a long-term one, is often seen as a sign of bullish sentiment. The last time Dogecoin saw a golden cross was in January 2021, when its price shot up by 8,000% to reach an all-time high of $0.76.

Dogecoin (DOGE) Skyrockets 1,757% in Bullish Whale Activity

Table of Contents

U_Today

Other articles published on Sep 19, 2024

Altcoins Are on the Rise After FED Decision! Whales Are Very Active in These 6 Altcoins!

Why Experts Say This New Token Could Outperform Ethereum and Bitcoin in 2024!

FED's Latest Move Confuses Everyone! Which Way Will Bitcoin (BTC) Move?

Key Shibarium Indicator Soars by 70% as the Shiba Inu (SHIB) Price Flashes Green: Details

Bitcoin Market Stalls at $622B, Demand Drops as Stablecoin Liquidity Surges

Succinct Labs and OP Labs Team Up to Launch New Zero-Knowledge Proof Solution

Join our free newsletter for daily crypto updates!