Dogecoin (DOGE) Skyrockets 1,645% in Bullish Whale Activity

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Even though it's the weekend, the crypto market does not sleep as trades are made 24 hours a day, seven days a week. While volatility may be low these days, there's still room for things to happen.

For example, one of the highlights of the past 24 hours was on the side of Dogecoin (DOGE), as according to data from IntoTheBlock, a 1,645% spike took a place in the on-chain realm for the most popular meme coin.

The notable increase was recorded within the Large Holders Netflow metric, as the amount of inflows minus outflows related to these addresses jumped from 22.35 million DOGE to 367.82 million DOGE over the course of the day. For a more detailed understanding, large holders are those addresses that hold no less than 0.1% of the circulating supply.

Source: IntoTheBlock

Behind this staggering increase is the sudden surge in Dogecoin inflows to these wallets, which totaled 405.82 million DOGE. At the same time, outflows of the meme coin decreased by approximately 72 million DOGE. Such a divergence between inflows and outflows is actually rare, as the two metrics tend to correlate.

Whales are here, and they are bullish

As an interim conclusion, the fact is that Dogecoin whales have bought much more DOGE than they have sold in the last 24 hours.

DOGE to USD by CoinMarketCap

And while the big players are buying more DOGE en-masse, the biggest meme coin itself is in what can be called a local accumulation phase.

Volatility has dropped significantly after the excessive turbulence of the past few weeks, so there is now a bit of calm on the DOGE price chart. However, this is the time when the whales and so-called "smart money" make their moves.