According to U.Today, Dogecoin (DOGE) has seen a substantial increase in on-chain activity in the last 24 hours. Key metrics suggest a possible bullish trajectory for the well-known meme cryptocurrency. The Large Holders Netflow for Dogecoin, as per data from IntoTheBlock, has shown impressive growth, moving from a negative zone to 386 million DOGE during the period under review. The Large Holders Netflow monitors the movements of whales and investors holding over 0.1% of the circulating supply and is a critical measure of market sentiment. The netflow surge implies strong accumulation by significant players, suggesting a bullish stance.
Historically, netflow spikes have coincided with market bottoms, indicating substantial buying during corrections. The surge in Large Holders Inflow further supports the bullish sentiment around Dogecoin. Inflows to the wallets of large holders increased by almost 200% in the past day, reaching 425.97 million DOGE. This increase in buying activity, mainly driven by influential entities such as whales and investors, is noteworthy and should be monitored in the coming days.
On the other hand, the outflow of Dogecoin from the wallets of large holders significantly decreased, falling from 222.14 million DOGE to 39.98 million DOGE. With increasing inflows and decreasing outflows, the Large Holders Netflow indicator for Dogecoin has shown almost parabolic growth. The surge in on-chain metrics underscores the growing involvement of influential players in the DOGE market, indicating a potentially optimistic trajectory for the cryptocurrency.