Dogecoin update: Exchange flows up as whales hold strong

by
  • Dogecoin’s exchange net flow increased by 10.5%, signaling possible price movement.
  • Whale activity remains strong, with 57.86% of Dogecoin supply held by large investors.

As a seasoned researcher with years of experience tracking the crypto market, I can confidently say that Dogecoin [DOGE] is showing some promising signs. The 10.45% increase in exchange net flow suggests a surge in market activity, which historically has often preceded a price rally. This could be an indication of growing interest among investors, potentially hinting at an impending breakout.

Dogecoin (DOGE) has caught attention again, as reported by IntoTheBlock’s recent data. The exchange inflow of DOGE increased by approximately 10.5%, which could potentially signal an impending price increase.

The number of whale transactions has been increasing significantly, with as many as 73% of them currently showing a profit. The key issue here is whether these actions could potentially propel Dogecoin towards the price point of $0.12.

Dogecoin net flows on the rise

The significant surge by 10.45% in the exchange net flow suggests a substantial shift in trading activity within the Dogecoin market. Traditionally, a rise in net flow implies an uptick in the number of coins circulating, possibly as a result of heightened buying or selling pressure.

Dogecoin’s recent spike could indicate increasing market enthusiasm, potentially suggesting that traders anticipate a rise in its value soon.

Big investors tighten their grip

A significant driving force behind Dogecoin’s current surge is a noticeable increase in large-scale investor (whale) activity. At present, these whales, who possess more than $5 million in Dogecoin, account for approximately 57.86% of the total altcoin supply.

This concentration level would indicate that major players believe long-term in Dogecoin.

If a significant amount of an asset is owned by whales (large investors), it often sparks optimistic market feelings and boosts the likelihood of a price surge.

73% of Dogecoin holders are seeing gains

It’s highly likely that Dogecoin’s future looks promising given that about three-quarters of its owners are currently making a profit. A high number of profitable investors typically fosters a positive sentiment, indicating that most investors are enjoying their returns.

This large proportion at profit boosts market confidence, which further encourages buying pressure.

Read Dogecoin’s [DOGE] Price Prediction 2024–2025

Is Dogecoin ready to break out?

Given the surge in trading volume, intense whale involvement, and a large number of profitable investors, Dogecoin appears poised for an uptrend. However, whether it will reach $0.12 is still uncertain.

 However, the data certainly paints a bullish picture for the future of the meme coin.

Read More

2024-09-24 09:11