Dogecoin Sees Remarkable Surge in Whale Activity This Weekend

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.

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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.

Kosta Gushterov