Bitrabo Editorial
Recent findings reveal a remarkable increase of 1,645% in whale activity surrounding Dogecoin (DOGE), suggesting a rise in interest and energy for this meme cryptocurrency. A crypto expert has also indicated that the Dogecoin bull market has commenced earlier than the last bullish trend that followed the Bitcoin (BTC) halving in 2021.
Surge in Dogecoin Whale Activity
Dogecoin whales are actively accumulating tokens, taking advantage of favorable market conditions. Data from IntoTheBlock shows a significant uptick in whale activity within a single day, with large holders increasing their inflow from 133.08 million DOGE tokens on October 11 to 405.82 million DOGE by October 12—a jump of over three times.
During this period, the total net flow for Dogecoin among large holders rose from 22.35 million to 367.82 million in just one day, reflecting a staggering increase of 1,545%. Notably, these large holders, representing about 0.1% of Dogecoin’s total circulating supply, seem to be in an accumulation phase, halting any selling of their DOGE tokens.
Furthermore, large holder outflows dropped dramatically by 65.45% in 24 hours. The outflows surged to 110.72 million on October 11, but decreased to 38 million by October 12. According to IntoTheBlock, outflows are still on the decline, with a further drop of 11 million noted at the time of this writing.
Generally, a spike in whale activity can suggest a rising demand and trading interest in a cryptocurrency. In the case of Dogecoin, it appears that whales are leaning towards accumulation rather than selling, reflecting renewed optimism about the meme coin’s potential gains.
Initiation of the DOGE Bull Run 140 Days After Bitcoin Halving
Crypto analyst Master Kenobi has declared the start of the Dogecoin bull run. In a post on X (formerly Twitter) on October 13, Master Kenobi compared the current market conditions to those that followed the last Bitcoin halving in 2020. He shared a chart illustrating Dogecoin’s price trends from 2021 to the present, noting that the highlighted green arrow marks the beginning of the current bull run.
In the previous cycle, Dogecoin’s bull run initiated 175 days post the Bitcoin halving in 2020, characterized by four weeks of price growth followed by two weeks of decline. In this cycle, however, Dogecoin’s current bull run has kicked off 140 days after the recent Bitcoin halving on April 20.
He further noted that the cryptocurrency has seen its first four weeks of price appreciation; however, if these gains turn out to be a “fake out,” the possibility of additional price declines seems to be decreasing.