This weekend, the cryptocurrency market remained active, despite lower volatility.
One significant development has emerged: Dogecoin (DOGE) experienced an impressive 1,645% increase in on-chain activity over the past 24 hours, as per recent data.
This surge was highlighted in the Large Holders Netflow metric, where the balance of inflows and outflows for large addresses jumped from 22.35 million DOGE to 367.82 million DOGE within a single day. Large holders are defined as wallets that contain at least 0.1% of the total circulating supply.
The spike was driven by a substantial inflow of 405.82 million DOGE into these wallets, while outflows decreased by about 72 million DOGE. Such a disparity is rare, as inflows and outflows usually align closely. Overall, Dogecoin whales have been accumulating more DOGE than they have sold over the last 24 hours.
As these significant players bolster their DOGE holdings, the cryptocurrency itself seems to be in a local accumulation phase. After a period of considerable volatility in recent weeks, DOGE’s price has settled down, presenting an opportune moment for whales and “smart money” investors to make their moves. The developments over the weekend could set the stage for potential market shifts as trading picks up on Monday.
A wave of bullish momentum is sweeping through smaller-cap altcoins, with ResearchCoin (RSC), Electroneum (ETN), and REI Network (REI) all recording substantial 24-hour gains.
XRP is drawing fresh investor attention as optimism builds around its legal standing and potential exchange-traded products (ETPs).
Ethereum is showing strength in the face of broader market weakness, holding firm even as Bitcoin and other major assets trend downward.
Pudgy Penguins’ native token $PENGU is attracting renewed attention from traders after showing consistent support at a key technical level.