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Dog-themed cryptocurrency Dogecoin (DOGE) has risen nearly 29% in the last seven days. Accompanying Dogecoin's price jump is a staggering 1,856% surge in large holder netflows over the same period.
Large Holders Netflow from IntoTheBlock provides insight into whales' position changes, with a spike indicating accumulation from major players and decreases indicating reduced positions or selling.
The 1,856% surge in netflows highlights the positive sentiment surrounding Dogecoin's price, which caused it to outperform the top 50 biggest cryptocurrencies by market cap in weekly gains.
Dogecoin gained attention in the past week as meme coin discussions hit a five-month high. Tesla CEO Elon Musk tweeted last Tuesday that "D.O.G.E will fix it" in response to an article that California officials had barred the SpaceX company from launching more rockets from the state.
Dogecoin: What's next for price
At the time of writing, DOGE was facing mild profit-taking, down 1.45% in the last 24 hours to $0.142.
DOGE's most recent surge has seen it turn-key levels into support, notably the 50-week and 100-week simple moving averages (SMAs) around $0.1196 and $0.970, respectively.
Dogecoin has crossed $0.14, thus the next target price might be $0.17, followed by $0.19. The daily moving average of 50, which is currently at $0.108, is projected to provide major support if profit-taking occurs.
Dogecoin currently ranks as the eighth biggest digital asset, with a market cap of $20.83 billion. Originally conceived as a joke by developers wanting to poke fun at the seriousness of Bitcoin, it evolved into a serious cryptocurrency during a boom in crypto prices between 2020 and 2021.