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Over the past 24 hours, Dogecoin (DOGE) has seen a huge increase in on-chain activity, which suggests that the major players on the market are feeling bullish about the big meme coin.
Thus, IntoTheBlock's Whale Netflow metric shows that a lot of DOGE is moving into the wallets of big holders, as it went from 45.3 million DOGE to 431.3 million DOGE, which is a 957% increase over the period under consideration.
This proves how many large investors - those with more than 0.1% of the DOGE supply in circulation - are accumulating the popular meme cryptocurrency, which is usually a good sign for the price.
It is not uncommon to see such spikes in net inflows at market lows, as it suggests that whales are actively acquiring more Dogecoin during price dips, which could signal further upward movement.
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Another sign that things are looking bullish is that 620.84 million DOGE were recently added to the wallets of major holders. While Dogecoin also left these wallets - going from 56.85 million to 189.54 million DOGE - net accumulation is still positive, showing that large investors are still buying.
It looks like some big players on the market think Dogecoin is on the rise. The recent increase in net inflows, along with steady whale accumulation, shows that more and more people are confident that DOGE will continue to rise as it already adds 10% over the course of today's trading session.