- Dogecoin on-chain activity spiked by 1,645% within 24 hours, signaling a notable whale accumulation
- Large holders added 405.82 million DOGE while deflows dropped by 72 million DOGE
- Whale accumulation could indicate increased confidence in DOGE and potential price movement
This weekend, the cryptocurrency market remained active and was characterized by lower volatility compared to previous weeks.
The Dogecoin Movement
Among the noteworthy movements, a significant development emerged regarding Dogecoin (DOGE). According to recent data, the market’s first memecoin recorded an impressive 1,645% increase in on-chain activity over the 24-hour chart.
This spike was highlighted in the Large Holders Netflow metric published by the blockchain analysis site IntoTheBlock, where the balance between inflows and outflows for large addresses jumped from 22.35 million DOGE to 367.82 million DOGE in just one day.
Large holders (whales) are defined as wallets holding at least 0.1% of the total circulating supply. The surge was driven by a notable inflow of 405.82 million DOGE into these wallets, while outflows decreased by around 72 million DOGE.
This could be an interesting prediction by Ali Martinez.
Conclusion
What do you think about that?
Such a disparity is rare, as inflows and outflows usually align closely.
