{"id":6479,"date":"2024-09-13T23:00:04","date_gmt":"2024-09-13T23:00:04","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=6479"},"modified":"2024-09-13T23:00:04","modified_gmt":"2024-09-13T23:00:04","slug":"dogecoin-whales-add-400-million-to-their-stash-heres-how-much-they-hold","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=6479","title":{"rendered":"Dogecoin Whales Add 400 Million To Their Stash, Here\u2019s How Much They Hold"},"content":{"rendered":"

Dogecoin whales<\/a> are starting to increase their holdings in what is a general uptick in activity <\/a>on the Dogecoin blockchain. According to the latest on-chain data, addresses with large Dogecoin balances saw a remarkable surge in their holdings, with an approximate 960% increase occurring within just 24 hours. This accumulation by large holders coincides with a critical moment for the meme-based cryptocurrency, as it recently managed to break through a persistent downward-sloping trendline.\u00a0<\/p>\n

Dogecoin Whales Add Millions To Their Stash<\/h2>\n

According to data from the IntoTheBlock dashboard, Dogecoin large holders (also known as whales) recently saw their holdings increase by a massive 446.9 million DOGE tokens on September 11. This data was revealed through the \u2018Large Holders Inflow<\/a>,\u2019 a metric that tracks the number of DOGE tokens entering addresses holding at least 0.1% of the total circulation supply of Dogecoin. Particularly, this data shows that the large holders increased their inflow from 46.25 million to 493.15 million DOGE on Sept. 11.\u00a0\u00a0<\/p>\n

Related Reading: Bitcoin Vs. Ethereum: Legendary Analyst Says He\u2019s \u2018Pretty Confident\u2019 ETH Will Outperform<\/a><\/p>\n

Furthermore, the netflow data shows a corresponding increase from -395.88 million DOGE on the previous day to 414.97 million DOGE on September 11. Netflow is determined by subtracting the outflows (tokens leaving addresses) from inflows (tokens entering addresses) over a given period. A positive netflow indicates that whales are accumulating more Dogecoin, while negative values typically signal a selloff.<\/p>\n

On the exchange front, IntoTheBlock data also shows a notable decline in the amount of DOGE held by wallet addresses linked to cryptocurrency exchanges. The \u2018Aggregated Exchanges Netflow\u2019 metric highlights a net outflow of -104.31 million DOGE over the past 24 hours and a total of -108.89 million DOGE across the last seven days. These negative figures suggest that more Dogecoin is being withdrawn from exchanges than is being deposited. This shift is significant because it marks a change in market sentiment, given that previous data<\/a> pointed to heightened selling pressure from whale addresses.<\/p>\n

DOGE Price Movement<\/h2>\n

At the time of writing, DOGE is trading at $0.1031 and is up by 0.69% <\/a>in the past 24 hours. A recent rally means DOGE is now trading 15% above a low of $0.08969 which it traded at earlier in the week. According to an analysis by crypto analyst Javon Marks, this rally puts DOGE on a little breakout above the upper trendline in a multi-month falling wedge price formation.\u00a0<\/p>\n

However, the breakout is yet to be complete because DOGE bulls have found it hard to break above $0.104 for over three days now. In his analysis, he predicts that a successful breakout would likely result in a substantial 100% price increase that will drive DOGE up to around $0.22. From there, the stage could be set for an even larger bullish move for a major target of $0.6533.<\/p>\n

$DOGE<\/a> (Dogecoin) looks to be working on a multi-month Falling Wedge breakout and a successful break can lead into a more than double (>100%) in price back to the $0.22 areas.<\/p>\n

Larger $0.6533 target is maintained. pic.twitter.com\/mGcpNWU2WC<\/a><\/p>\n

\u2014 JAVONMARKS (@JavonTM1) September 9, 2024<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Dogecoin whales are starting to increase their holdings in what is a general uptick in activity on the Dogecoin blockchain. According to the latest on-chain data, addresses with large Dogecoin balances saw a remarkable surge in their holdings, with an approximate 960% increase occurring within just 24 hours. This accumulation by large holders coincides with […]<\/p>\n","protected":false},"author":0,"featured_media":6480,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/6479"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6479"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/6479\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/6480"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}