Dogecoin Whales they are starting to augment their share of what is overall augment in activity on the Dogecoin blockchain. According to the latest on-chain data, addresses with huge Dogecoin balances have seen a remarkable augment in their holdings, with an augment of around 960% occurring in just 24 hours. This accumulation of huge holders coincides with a critical juncture for the meme-based cryptocurrency, as it recently managed to break through a persistent, downtrend line.
Dogecoin whales add millions to their stash
According to data from the IntoTheBlock dashboard, huge Dogecoin holders (also known as whales) recently saw their holdings grow by a massive 446.9 million DOGE tokens on September 11. The data was revealed via “A large influx of owners”a metric tracking the number of DOGE tokens landing in addresses holding at least 0.1% of the total circulating supply of Dogecoin. Specifically, the data shows that huge holders increased their inflow from 46.25 million to 493.15 million DOGE on September 11.
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Additionally, the net flow data shows a corresponding augment from -395.88 million DOGE the previous day to 414.97 million DOGE on September 11. Net flow is determined by subtracting outflows (tokens leaving addresses) from inflows (tokens entering addresses) during a given period. A positive net flow indicates that whales are accumulating more Dogecoin, while negative values usually signal a sell-off.
On the exchange front, IntoTheBlock data also shows a noticeable drop in the amount of DOGE held by wallet addresses associated with cryptocurrency exchanges. The “Aggregated Exchanges Netflow” metric highlights a net outflow of -104.31 million DOGE over the past 24 hours and a total of -108.89 million DOGE over the past seven days. These negative numbers suggest that more Dogecoin is being withdrawn from exchanges than is being deposited. This change is significant because it signals a shift in market sentiment, taking into account previous data indicated increased selling pressure from whale addresses.
DOGE price movement
At the time of writing, DOGE is trading at $0.1031 and is up 0.69% in the last 24 hours. The latest rally means DOGE is now trading 15% above the low of $0.08969 that it traded earlier this week. According to analysis by cryptocurrency analyst Javon Marks, this rally puts DOGE on a petite breakout above the upper trendline in a multi-month falling wedge price formation.
However, the breakout is not complete yet, as DOGE bulls have struggled to break above $0.104 for over three days now. In his analysis, he predicts that a successful breakout would likely trigger a significant 100% price rally that would take DOGE to around $0.22. From there, the stage could be set for an even bigger bullish move for the primary target of $0.6533.
DOGE (Dogecoin) is apparently working to break out of a multi-month falling wedge formation, and a successful breakout could see the price more than double (>100%) to $0.22.
The higher target was maintained at USD 0.6533. photo:twitter.com/mGcpNWU2WC
— JAVON⚡️MARKS (@JavonTM1) September 9, 2024
Featured image created with Dall.E, chart from Tradingview.com
