Dogecoin (DOGE) Whales Accumulate 3.12 Billion DOGE, Signaling Bullish Investor Behavior

Over the course of the last 24 hours, Dogecoin (DOGE) has seen a big jump in on-chain activity, which suggests bullish investor behavior.

Cryptocurrency market participants are keeping a close eye on Dogecoin (CRYPTO: DOGE) activity, and the latest data suggests bullish investor behavior.

According to IntoTheBlock, the Large Holders Netflow metric shows a massive 275.54% increase in the amount of DOGE moving into the wallets of large holders. Over the last 24 hours, the total rose from 624.23 million DOGE to 1.72 billion DOGE.

This indicates that larger market players are optimistic about the future of the cryptocurrency.

For context, large holders are market participants that control more than 0.1% of the total DOGE supply.

Usually, spikes in net inflows are observed during price pauses or dips. This occurs because big investors tend to accumulate assets when prices stall, which is often seen as a good sign for the asset, indicating that large investors are preparing for a potential price increase.

Further evidence of this growing confidence among investors is the recent net accumulation of Dogecoin.

In total, 3.12 billion DOGE were added to the wallets of major holders, a 33.9% increase from the previous day. While there were some outflows, with 1.7 million DOGE leaving these wallets, the overall trend is still positive, with more Dogecoin being added to whale holdings than being sold off.

This accumulation pattern aligns with the broader market optimism. Whales are typically more cautious in their moves, usually acting only when they anticipate further price growth. The increased net inflows, together with the steady accumulation by large holders, suggest that many whales are preparing for future upward momentum for DOGE.