Dogecoin Whale Activity Soars 1,645%, Signaling Bull Market Has Begun, Crypto Analyst Confirms

New reports show a significant 1,645% surge in whale activity around Dogecoin (DOGE), signaling growing interest and momentum for the dog-themed meme coin.

Dogecoin (DOGE) price surged over 1,645% last week, outpacing gains made by other major cryptocurrencies and sparking renewed interest in the dog-themed meme coin. But how did this rapid surge come about, and what does it signify for DOGE?

Fresh reports indicate that Dogecoin whale activity saw a significant surge last week, grabbing the attention of many in the crypto space. According to data from IntoTheBlock, the total large holders netflow for Dogecoin soared from 22.35 million to 367.82 million in a day, marking a 1,545% increase.

This surge in whale activity suggests that large holders, defined by IntoTheBlock as those holding about 0.1% of Dogecoin’s total circulating supply, were net buyers over the reported time range. Interestingly, these large holders also appeared to be accumulating more than selling.

Total large holder outflows dropped by a substantial 65.45% in the course of a day. On October 11 outflows had risen as high as 110.72 million and then declined to 38 million on October 12. Based on ITB’s report, outflows continue to decline, currently experiencing a notable 11 million decrease in volume as of writing.

In the crypto world, an increase in whale activity is often associated with a potential rise in demand and interest in trading a cryptocurrency. In the case of Dogecoin, it appears that whales are beginning to accumulate more than sell, possibly indicating renewed confidence in the meme coin’s potential for growth.

Highlighting this development, crypto analyst Master Kenobi announced that the Dogecoin bull run has officially begun. On October 13 in an X (formerly Twitter) post, Master Kenobi drew a comparison between the current bull market and the one that followed the last Bitcoin halving event in 2020.

Sharing a chart illustration of Dogecoin’s price movements from 2021 till date, the analyst noted that the green arrow highlighted in the chart represented the start of the Dogecoin bull run.

For more clarity, in the previous cycle, Dogecoin’s bull run began 175 days after the Bitcoin halving in 2020 and was characterized by four consecutive weeks of price increases and two weeks of declines. Master Kenobi pointed out that in this current cycle, Dogecoin has begun its bull run 140 days after the Bitcoin halving event which occurred on April 20.

The crypto analyst also disclosed that the meme coin has experienced its first four weeks of price gains, however, if these green weeks were a “fake out,” the analyst denotes that the likelihood of seeing more price declines is decreasing.