In recent developments, Dogecoin whales have notably increased their holdings, indicating a significant uptick in activity on the Dogecoin blockchain. According to the latest on-chain data, addresses with substantial Dogecoin balances experienced an impressive 960% increase in their holdings within just 24 hours. This accumulation by large holders aligns with a pivotal moment for the meme-based cryptocurrency, as it successfully broke through a long-standing downward-sloping trendline.
Dogecoin Whales Add Millions To Their Stash
Data from the IntoTheBlock dashboard reveals that large Dogecoin holders, commonly referred to as whales, saw their holdings increase by a staggering 446.9 million DOGE tokens on September 11. This data was provided through the ‘Large Holders Inflow’ metric, which tracks the number of DOGE tokens entering addresses holding at least 0.1% of the total circulation supply of Dogecoin. Specifically, this metric shows that the large holders’ inflow increased from 46.25 million to 493.15 million DOGE on September 11.
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Further analysis of the netflow data indicates a corresponding increase from -395.88 million DOGE on the previous day to 414.97 million DOGE on September 11. Netflow is calculated by subtracting the outflows (tokens leaving addresses) from inflows (tokens entering addresses) over a given period. A positive netflow suggests that whales are accumulating more Dogecoin, while negative values typically indicate a selloff.
On the exchange front, IntoTheBlock data also shows a notable decline in the amount of DOGE held by wallet addresses linked to cryptocurrency exchanges. The ‘Aggregated Exchanges Netflow’ metric highlights a net outflow of -104.31 million DOGE over the past 24 hours and a total of -108.89 million DOGE across the last seven days. These negative figures imply that more Dogecoin is being withdrawn from exchanges than is being deposited, signaling a shift in market sentiment, given that previous data pointed to heightened selling pressure from whale addresses.
DOGE Price Movement
As of the time of writing, DOGE is trading at $0.1031, reflecting a 0.69% increase over the past 24 hours. A recent rally has positioned DOGE 15% above a low of $0.08969, which it traded at earlier in the week. According to crypto analyst Javon Marks, this rally indicates a minor breakout above the upper trendline in a multi-month falling wedge price formation.
However, the breakout remains incomplete as DOGE bulls have struggled to break above the $0.104 mark for over three days. Marks predicts that a successful breakout could lead to a substantial 100% price increase, driving DOGE up to around $0.22. From there, DOGE could be poised for an even larger bullish move targeting $0.6533.
$DOGE (Dogecoin) appears to be working on a multi-month Falling Wedge breakout. A successful break can potentially double the price to around $0.22, with a larger target of $0.6533.
The recent price movement of DOGE continues to show signs of recovery, indicating a positive trend for the cryptocurrency in the near future.
