Bitrabo Editorial
Recent activity from Dogecoin holders indicates a growing interest among significant investors, as the Dogecoin blockchain sees increased transactions. New on-chain statistics reveal that wallets with substantial Dogecoin amounts experienced around a 960% rise in their holdings within a day. This trend aligns with a critical period for the popular cryptocurrency, which has recently surpassed a long-standing downward trend.
Big Investors Boost Dogecoin Holdings
Data from the IntoTheBlock platform showcases that large Dogecoin investors, commonly referred to as whales, accumulated an astonishing 446.9 million DOGE tokens on September 11. This information comes from the ‘Large Holders Inflow’ tracker, which monitors the inflow of DOGE to wallets holding at least 0.1% of the total Dogecoin supply. Notably, the inflow to these significant holders surged from 46.25 million to 493.15 million DOGE on that date.
In addition, netflow statistics reveal an increase from -395.88 million DOGE the previous day to 414.97 million DOGE on September 11. Netflow measures the balance between tokens flowing into and out of particular wallets. A positive figure suggests more accumulation by whales, while a negative one typically indicates a selloff.
Moreover, IntoTheBlock observations reveal a noticeable drop in the amount of DOGE held by wallets associated with cryptocurrency exchanges. The ‘Aggregated Exchanges Netflow’ metric shows a net outflow of -104.31 million DOGE within the last 24 hours and a total of -108.89 million DOGE over the past week, highlighting that more tokens are being withdrawn from exchanges than deposited. This change indicates a shift in market dynamics, contrasting earlier trends of increased selling pressure from large holders.
Recent Movement of DOGE Prices
Currently, DOGE is priced at $0.1031, reflecting a 0.69% rise in the last 24 hours. Following a recent surge, DOGE is now trading 15% above an earlier dip of $0.08969. Analyst Javon Marks suggests that this upswing signals a potential breakout above the upper trendline of a multi-month falling wedge.
Despite this, the breakout remains incomplete, as DOGE has struggled to surpass the $0.104 mark for the past three days. Marks anticipates that a successful breakout could lead to a significant price increase of around 100%, pushing DOGE towards the $0.22 range, with the possibility for an even greater target of $0.6533.
$DOGE (Dogecoin) appears to be nearing a breakout from a multi-month Falling Wedge formation, which could double the price by reaching the $0.22 level.
The larger target remains at $0.6533. pic.twitter.com/mGcpNWU2WC
— JAVON
MARKS (@JavonTM1) September 9, 2024