Over the past 24 hours, Dogecoin (DOGE) has seen a significant increase in on-chain activity, with key metrics indicating a potential bullish trajectory for the popular meme cryptocurrency.
Over the past 24 hours, Dogecoin (DOGE) has seen a significant increase in on-chain activity, with key metrics indicating a potential bullish trajectory for the popular meme cryptocurrency.
According to data from In the blockThe net flow of large Dogecoin holders has experienced notable growth, going from a negative zone to 386 million DOGE during the analyzed period.
The Large Holder Netflow, which monitors the movements of whales and investors holding more than 0.1% of the circulating supply, serves as a crucial indicator of market sentiment. The increase in net flow suggests solid accumulation by major players, indicating a bullish stance.
Notably, spikes in net flow have historically aligned with market lows, suggesting considerable buying during corrections.
Everything flows in, nothing comes out
The increase in inflows from large holders further corroborates the bullish sentiment surrounding Dogecoin, as inflows to the wallets of large holders increased by almost 200% in the past day, reaching 425.97 million DOGE. This uptick in buying activity, driven primarily by influential entities such as whales and investors, is definitely worth paying attention in the coming days.
In contrast, the outflow of Dogecoin from the wallets of large holders decreased significantly, from 222.14 million DOGE to 39.98 million DOGE. Against the backdrop of increasing inflows and decreasing outflows, the net flow indicator of large Dogecoin holders has demonstrated almost parabolic growth.
The rise in on-chain metrics highlights the growing participation of influential players in the DOGE market, indicating a potentially bullish trajectory for the cryptocurrency.
