According to U.Today, a significant shift occurred in Dogecoin (DOGE) whale activity, as the Large Holders Netflow indicator turned from highly bearish to extremely bullish within a 24-hour period. The beginning of the week saw the cryptocurrency market undergo extreme volatility, with coin prices experiencing double-digit percentage changes in a matter of hours. This led to the TOTAL index, which represents the market capitalization of all cryptocurrencies, losing over $500 billion in three days before recovering $300 billion shortly after.
The same level of volatility was observed in Dogecoin. On August 5, on-chain data from IntoTheBlock revealed that the net flow of large holders had plunged to -641.69 million DOGE. However, within 24 hours, this metric surged dramatically, reaching 664.82 million DOGE. This shift indicates a bullish trend, as it suggests that 1.3 billion DOGE more were entering large holders' wallets than leaving them.
Separate charts for inflows and outflows corroborate this trend, showing a spike in inflows amid a general decline in outflows. Both indicators spiked between August 4 and August 5, suggesting a redistribution of Dogecoin capital among the largest market participants.
