Dogecoin capitalized on the overall bullish market trend, reaching a five-month high of $0.1684 earlier today. Currently, the meme coin is trading at $0.165, marking a 15% gain over the past 24 hours. Its market capitalization has surpassed $24 billion, with daily trading volume hitting $3.8 billion.
Data from IntoTheBlock reveals that over 350 million DOGE tokens entered centralized exchanges on October 29, contributing to the coin’s upward trajectory. In the past week, Dogecoin experienced a net inflow of over $51 million in exchanges.
While increased exchange inflows typically suggest potential price corrections as some investors take profits, it’s noteworthy that, despite being 77% down from its all-time high of $0.737, 85% of DOGE holders remain in profit.
Whale Activity Increases
The rise of Dogecoin above the $0.14 mark has sparked heightened activity among large investors. According to IntoTheBlock, the number of significant transactions—those worth at least $100,000—increased from 1,230 to 2,290 between October 27 and 28. On a single day, whales moved a total of 15.5 billion DOGE, contributing to $3.46 billion in large transactions over the past week.
However, it’s important to note that whale accumulation has been on a steady decline over the last five days, dropping from a net inflow of 456 million DOGE on October 25 to just 3 million DOGE on October 28. This decrease in whale inflows could lead to increased selling pressure.
A short-term pullback may be imminent for Dogecoin before another price surge, particularly given the high trading volume and significant exchange inflows.
