🌎 Dogecoin Hits Five-Month High Amid Increased Whale Activity

Dogecoin Capitalizes on Bullish Momentum, Reaches Five-Month High

Dogecoin has surged, reaching a five-month high of $0.1684 earlier today. The popular meme coin is currently trading at $0.165, reflecting a 15% gain over the past 24 hours. Dogecoin’s market cap has crossed the $24 billion mark, with a daily trading volume of $3.8 billion.

Market Activity and Inflows

According to data from IntoTheBlock, over 350 million DOGE entered centralized exchanges on Oct. 29 as the coin gained upward momentum. The data indicates that Dogecoin recorded an exchange net inflow of over $51 million over the past week. Increased exchange net inflows often suggest a potential price correction as some investors might be taking profits.

Despite being 77% down from its all-time high of $0.737, 85% of DOGE holders remain in profit.

Whale Activity

Dogecoin’s rise above the $0.14 mark has triggered increased whale activity. According to ITB data, large transactions comprising at least $100,000 worth of DOGE increased from 1,230 to 2,290 between Oct. 27 and 28. Whales moved a total of 15.5 billion DOGE yesterday, and Dogecoin saw a total of $3.46 billion in large transactions over the past seven days.

However, whale accumulation has been declining over the last five days, dropping from a net inflow of 456 million on Oct. 25 to just 3 million DOGE on Oct. 28. This declining whale inflow could potentially increase selling pressure.