Crazy 3 Billion DOGE Acquired by Dogecoin Whales in 24 Hours
Release: 2024/11/08 00:04 Reading: 766
Dogecoin Whale Influx Surges, Signaling Strong Accumulation
According to on-chain data from IntoTheBlock, the inflow of Dogecoin (DOGE) into the wallets of large investors (holding at least 0.1% of the circulating supply) surged to a staggering 2.96 billion DOGE in the last 24 hours. Comparatively, the previous 24 hours saw only 563.83 million DOGE inflow.
This surge represents a remarkable 425.65% increase, or 2.396 billion DOGE, coinciding with a 29.69% price hike at its peak yesterday.
Interestingly, outflows from these same wallets also rose, reaching 2.15 billion DOGE during the same period. However, the previous day's outflows were at 1.42 billion DOGE, indicating a 51.4% increase (730 million DOGE).
Despite the increased outflows, the inflow of DOGE to large holders far outpaced the outflow, signaling a strong accumulation trend. The net flow amounted to 811.45 million DOGE, a significant contrast to the -856.14 million DOGE net outflow the day before.
The accumulation by large investors reflects continued interest in DOGE and implies confidence in its short-term performance. This massive increase in whale activity positions Dogecoin as a preferred investment among large holders in the current market environment.
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