As a seasoned crypto investor with a knack for spotting trends and a soft spot for meme coins, I find the recent surge in Dogecoin (DOGE) accumulation by whales quite intriguing. The on-chain signals are bullish, and the large holders’ inflow has skyrocketed, indicating that the selloff may have cooled down significantly.
It appears that whales are now investing in Dogecoin, as optimistic indicators suggesting a price increase emerged for the most popular meme cryptocurrency.
As a crypto investor, I noticed an intriguing shift in the Dogecoin (DOGE) market on September 11, as per data from IntoTheBlock. The inflow of large Dogecoin holders surged a staggering 970%, escalating from 46.25 million DOGE to 493.15 million DOGE. On the flip side, the whale outflow drastically declined, dropping from 442.12 million DOGE to just 78.17 million DOGE. This significant movement in the market could potentially indicate a change in sentiment among major Dogecoin investors.
Yesterday, data indicates a significant increase in Dogecoin holdings by major investors, totaling approximately 414.97 million DOGE, equivalent to around $42.46 million. This trend suggests that these investors, often referred to as ‘whales,’ are now buying Dogecoin, and the previous selling frenzy seems to be subsiding.
Significantly, a large portion (around 62%) of Dogecoin’s total supply is controlled by major holders, with their wallets referred to as “whale addresses.” Moreover, transactions valued at over $100,000 in Dogecoin (DOGE) amounted to approximately $942 million during the past week.
According to ITB’s data, the daily exchange inflow of this asset decreased significantly from approximately 84.83 million Dogecoin to 33.42 million Dogecoin on that specific day. A reduction in exchange inflows often results in less selling pressure.
Currently, Dogecoin has increased by 1.6% over the past 24 hours and is being traded at approximately $0.1024. At this moment, its market value stands around $14.9 billion, positioning it as the eighth largest cryptocurrency in terms of market capitalization.
At this point, DOGE is down by 86% from its all-time high of $0.73 in May 2021.
On August 31st, CEO Elon Musk, who heads Tesla with a net worth of billions, expressed interest in reintroducing meme currency as a payment method within the company. This suggestion followed shortly after a U.S. court dismissed a lawsuit valued at $258 billion against Musk and his enterprises.
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2024-09-12 13:34