Dogecoin has seen a significant surge in its price, reaching a five-month high of $0.1684 today. Currently trading at $0.165, the meme coin has experienced a 15% gain in the last 24 hours, pushing its market cap over $24 billion with a daily trading volume of $3.8 billion.
Data from IntoTheBlock indicates that over 350 million DOGE entered centralized exchanges on Oct. 29, leading to an exchange net inflow of over $51 million in the past week. While increased exchange inflows typically suggest a potential price correction as some investors may be looking to take profits, it is worth noting that despite being significantly down from its all-time high of $0.737, 85% of DOGE holders are still in profit.
The recent surge in Dogecoin’s price above $0.14 has attracted the attention of whales, with large transactions of at least $100,000 worth of DOGE increasing from 1,230 to 2,290 between Oct. 27 and 28. Whales moved a total of 15.5 billion DOGE yesterday, contributing to a total of $3.46 billion in large transactions over the past seven days.
However, while whale activity has been on the rise, the accumulation of Dogecoin by whales has been steadily declining over the last five days, dropping from a net inflow of 456 million on Oct. 25 to 3 million DOGE on Oct. 28. This decline in whale inflows could potentially lead to increased selling pressure in the near future.
Given the very high trading volume and exchange inflows, it is possible that Dogecoin may experience a short pullback before another price surge. Investors should closely monitor the market dynamics and whale activity to gauge the potential price movements of Dogecoin in the coming days.
