Dogecoin (DOGE) has seen a notable increase in on-chain activity over the last day, and several data point to a possible bullish trajectory for the well-known parody cryptocurrency.
IntoTheBlock data indicates that over the time period under examination, the Dogecoin Large Holders Netflow had a notable surge, moving from a negative area to 386 million DOGE.
An important indicator of market mood is the Large Holders Netflow, which tracks the movements of investors and whales owning more than 0.1% of the circulating supply. The increase in netflow is an indication of strong accumulation by important participants and an optimistic attitude.
Interestingly, netflow peaks have typically corresponded with market bottoms, indicating significant purchasing during dips.
All flows in, no flows out
The increase in significant holders’ inflows, which reached 425.97 million DOGE in only one day and surged by about 200%, supports the positive feeling around Dogecoin. In the upcoming days, it will be important to keep an eye on this increase in purchasing activity, which is mostly being pushed by powerful players like investors and whales.
On the other hand, the amount of Dogecoin that major holders were withdrawing from their wallets dropped dramatically, from 222.14 million DOGE to 39.98 million DOGE. In the context of rising inflows and falling outflows, Dogecoin’s Large Holders Netflow indicator has seen nearly parabolic rise.
The rise in on-chain measures indicates a possible positive trajectory for the cryptocurrency and shows how major firms are becoming more involved in the DOGE market.
