Whale Activity Drives $2.65B in Dogecoin Transactions

Dogecoin (DOGE) has seen some notable action recently, not just in terms of price but also in activity among major holders.

Recent data shows a spike in large transactions over the last 24 hours, driven by large investors.

The number of transactions worth $100,000 or more surged to 1,950, with the total volume reaching $2.65 billion. This represented the movement of 21.59 billion DOGE in a single day.

Compared to the previous day, large transaction volumes rose by more than $900 million, and 6.32 billion more DOGE coins were involved. Diving deeper into the data, the increase appears to be mostly buying activity, as wallet inflows saw a significant uptick.

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Wallets holding at least 0.1% of the total Dogecoin supply saw their balances swell by 445.15 million DOGE, while outflows dropped to 386.51 million DOGE. This led to a net inflow of nearly 250 million DOGE into these large wallets, suggesting bullish sentiment among big players.

Overall, the recent surge in whale activity indicates a renewed interest in the meme coin, with buying pressure on the rise.

Alexander Stefanov