As revealed by IntoTheBlock’s online statistics, the net flow of Dogecoin (DOGE) into large holders’ wallets has dropped significantly over the last 24 hours. The ratio of DOGE flowing into wallets holding at least 0.1% of the total supply, minus the outflow from those wallets, has dropped significantly, from 375.4 million tokens to 27.98 million tokens.
This decline was primarily due to a drop in inflows rather than an increase in outflows. Over the last 24 hours, inflows into whales’ Dogecoin wallets have decreased from 450.99 million DOGE to 66.35 million DOGE. This is a positive sign, as it only indicates a decrease in activity and interest, rather than a bearish sell-off by the largest holders.
Yes, it is not very good, as the lack of activity does not contribute to the price growth, but at least there is no growing selling pressure on the DOGE price.
Dogecoin (DOGE) Price Prediction
Speaking of DOGE, the price of the most popular meme cryptocurrency has once again reached a key local support level of around $0.125 per token. If Dogecoin manages to hold here, the bullish, or rather “not bearish” bias will be the main one.
However, if it falls below this level, it will become a tough resistance for the popular meme cryptocurrency. In this context, the actions of the main holders will be crucial, as will the overall market situation – and which narrative is dominant at the moment.
