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 a critical moment for the meme-based cryptocurrency, as it recently managed to break through a persistent downward-sloping trendline.

Dogecoin Whales Add Millions To Their Stash

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 ‘Large Holders Inflow,’ 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.

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.

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 ‘Aggregated Exchanges Netflow’ 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 These negative figures suggest that more Dogecoin is being withdrawn from exchanges than is being deposited.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 pointed to heightened selling pressure from whale addresses.

DOGE Price Movement

At the time of writing, DOGE is trading at $0.1031 and is up by 0.69% 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.

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.

$DOGE (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.

Larger $0.6533 target is maintained. pic.twitter.com/mGcpNWU2WC

— JAVON⚡️MARKS (@JavonTM1) September 9, 2024