In the span of 24 hours, big holders of Dogecoin strategically increased their holdings by 1.32 billion DOGE, suggesting a possible optimistic outlook related to the upcoming Doge-1 lunar mission.
In an unexpected twist, big holders of Dogecoin have notably upped their positions, amassing an impressive 1.32 billion DOGE in the last 24 hours. This represents a remarkable surge of 77.7% compared to the previous day.
Dogecoin Whales: $126.72 Million Inflow Signals Bullish Sentiment
According to on-chain data from IntoTheBlock, significant inflows into the wallets of major Dogecoin holders amounted to an impressive $126.72 million, indicating strong bullish sentiment. Notably, these statistics focus on addresses possessing at least 0.1% of the total Dogecoin supply, underscoring the substantial impact of these major players on the market.
While substantial inflows often coincide with outflows, the outflow from these whale wallets is relatively modest, totaling 354.85 million tokens. This amount is more than three times less than the inflow observed during the same period.
Source: IntoTheBlock
The overall Large Holders Netflow for Dogecoin remains positive, reflecting a robust figure of 967.7 million DOGE.
Dogecoin Whales Accumulate Amid Price Correction and Moon Mission Anticipation
Amidst a 10% dip in Dogecoin’s price due to a broader market downturn, major holders actively increased their positions, contributing to a recovery of almost half of the initial decrease. This rebound highlights the influential role played by these major players in supporting the meme-inspired cryptocurrency.
DOGE to USD by CoinMarketCap
The question arises: Why are these whales aggressively accumulating Dogecoin? The answer might be found in the anticipation surrounding the Doge-1 lunar mission, scheduled for early 2024. Recent regulatory approvals from the NTIA and the FCC, coupled with emerging details about the mission, have fueled optimism among investors. It seems that these major players are strategically positioning themselves, foreseeing potential gains as Dogecoin aims for the moon.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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