Cover image (via www.freepik.com)
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. Financial and market information provided on U.Today is for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Please contact a financial professional and conduct your own research before making any investment decisions. Although we believe all content is accurate as of the date of publication, certain offers mentioned may not be currently available.
Despite it being a weekend, the cryptocurrency market is not asleep as trading takes place 24 hours a day, 365 days a year. Volatility may be low these days, but there’s still room for something to happen.
For example, one of the highlights of the past 24 hours was on the Dogecoin (DOGE) side, which saw a 1,645% spike in the on-chain realm of the most popular meme coin, according to data from IntoTheBlock.
related
This significant increase was recorded within the large holder netflow indicator, as inflows minus outflows associated with these addresses jumped from 22.35 million DOGE to 367.82 million DOGE throughout the day. I did. To understand further, large holders are addresses that hold more than 0.1% of the circulating supply.
Source: Into the Block
The reason behind this incredible increase is that Dogecoin inflows into these wallets suddenly spiked, reaching a total of 405.82 million DOGE. At the same time, the outflow amount of meme coins decreased by about 72 million DOGE. This divergence between inflows and outflows is actually rare, as the two metrics tend to be correlated.
The whales are here and they’re bullish
A preliminary conclusion is the fact that Dogecoin whales have bought far more DOGE than they have sold in the past 24 hours.
related
DOGE to USD by CoinMarketCap
And while major corporations are buying up more DOGE all at once, the largest meme coin itself is in what could be called a local accumulation phase.
After the excessive turmoil of the past few weeks, the DOGE price chart is currently showing a bit of calm as volatility has decreased significantly. But now is the time for the whales and the so-called “smart money” to make their move.
