Dogecoin (DOGE), the leading meme cryptocurrency, has witnessed a significant spike in activity, with both its price and on-chain metrics seeing notable changes. In the last 24 hours, large-scale transactions by major investors, often referred to as “whales,” have driven DOGE’s momentum.
Whales Boost High-Value Transactions
According to data from IntoTheBlock, transactions exceeding $100,000 surged to 1,950 within the past day. These high-value transfers moved a staggering $2.65 billion worth of Dogecoin, totaling 21.59 billion DOGE in large transactions.
Source: IntoTheBlock
This represents a sharp increase compared to the previous day, which saw $900 million less in large transactions and 6.32 billion fewer DOGE moved.
Related article: Dogecoin Whales Signal Bearish Sentiment: What’s Next?
A deeper look reveals that most of these transfers were linked to buying activity. Wallets holding at least 0.1% of the total supply witnessed nearly double the inflow compared to the previous day.
Source: IntoTheBlock
A total of 445.15 million DOGE flowed into these major wallets. At the same time, outflows dropped but still remained significant, amounting to 386.51 million DOGE. This resulted in a net inflow of almost 250 million DOGE into the wallets of large holders.
Bullish Sentiment Prevails
The heightened whale activity clearly indicates bullish sentiment surrounding Dogecoin. Whales, known for their ability to move markets, played a key role in boosting the cryptocurrency’s volume and market confidence.
Related article: Dogecoin Price Could Soar or Correct by 30%: What’s Next After the 10% Surge?
The influx of DOGE into large wallets suggests that these big players are accumulating, which often signals optimism about future price increases. Dogecoin’s market has experienced a major surge in whale-driven activity, with high-value transactions and buying activity leading the charge.
The bullish nature of these movements highlights growing confidence among major DOGE holders.
