Dogecoin Sees Bullish 1,645% Spike In Whale Activity, Analyst Says The DOGE Bull Market Is Here
Recent data has revealed a remarkable 1,645% increase in whale activity surrounding Dogecoin (DOGE), suggesting a burgeoning interest and momentum for this popular meme-inspired cryptocurrency. This notable development coincides with the confirmation from a crypto analyst that the Dogecoin bull market has already commenced, even preceding the post-Bitcoin (BTC) halving bull run observed in 2021. This surge in whale activity is a potential harbinger of increased demand and trading interest in the cryptocurrency market.
Significant Rise in Dogecoin Whale Movements
The landscape of Dogecoin’s market activity is witnessing a paradigm shift as whales, or large investors, capitalize on stable market conditions to amass substantial quantities of DOGE tokens. According to insights from IntoTheBlock, the volume of whale activity surged dramatically within a single day. The total large holders’ inflow escalated from 133.08 million DOGE tokens on October 11 to a staggering 405.82 million DOGE on October 12. This leap represents a more than threefold increase in activity, underscoring the intensified interest among major stakeholders.
In parallel, the net inflow of large holders recorded a significant ascent, rising from 22.35 million to 367.82 million DOGE, marking a 1,545% increase within the same period. Intriguingly, these major holders, who collectively control around 0.1% of Dogecoin’s circulating supply, have halted the selling of their tokens and embarked on a substantial accumulation phase. The total large holder outflows decreased dramatically by 65.45% from October 11 to October 12, dropping from 110.72 million to 38 million DOGE. As per ITB’s ongoing reports, the outflows continue to taper, with a notable reduction of 11 million in volume as of the latest update.
This uptick in whale activity is often indicative of a potential upswing in demand and interest in trading cryptocurrencies. For Dogecoin, the accumulation trend by whales hints at renewed confidence in the meme coin’s growth prospects. This positive sentiment could spur further advancements in Dogecoin’s market position.
Analysis of the Dogecoin Bull Market Post-Bitcoin Halving
Renowned crypto analyst, Master Kenobi, has publicly stated that the Dogecoin bull market is now in full swing. In a post on the social media platform X (formerly known as Twitter), Master Kenobi provided a comparative analysis between the current bull market and the one succeeding the last Bitcoin halving event in 2020. Using a detailed chart depicting Dogecoin’s price trajectory from 2021 to the present, the analyst identified a green arrow signifying the inception of the current bullish phase for Dogecoin.
For greater context, during the previous cycle, Dogecoin’s bull market commenced 175 days following the Bitcoin halving in 2020, characterized by four weeks of consecutive price increases interspersed with two weeks of declines. In the present cycle, Master Kenobi highlights that Dogecoin’s bull run began 140 days after the Bitcoin halving event that took place on April 20. The cryptocurrency has already witnessed four weeks of price escalation, and the analyst suggests that if these gains were merely a “fake out,” the probability of further price declines is diminishing.
As the Dogecoin price continues to rise, surpassing the $0.11 mark, the market eagerly anticipates further developments. With whales actively accumulating DOGE and the onset of a new bull market phase, the outlook for Dogecoin appears promising.
