Is Dogecoin Price Gearing Up for a Major Breakout?


Dogecoin (DOGE), the most popular meme cryptocurrency, is back in the spotlight with a significant uptick in whale activity. Behind the scenes, there's been a lot of movement in the on-chain realm that could influence the future of DOGE.

Whale Activity Shows a Sharp Increase


Source : IntoTheBlock

In the last 24 hours, one of the key indicators of whale activity, the "Large Holders Netflow" metric  Saw a dramatic increase. This metric rose from -2.23 million DOGE in the negative zone to 20.66 million DOGE, marking a significant rise in whale investments. The 20.66 million DOGE represents the net amount of coins added by large holders in just one day.

To qualify for this metric, wallets must hold at least 0.1% of the total circulating Dogecoin supply.

As of writing this article dogecoin was trading at $0.11 with 1.46% increase in last 24 hours as per Coinpedia markets data

Read More: Dogecoin Price Prediction 

Whale Inflows Outpace Outflows

Further analysis shows that in the past 24 hours, whale wallets saw an inflow of 76.33 million DOGE, while the outflow was 55.67 million DOGE. While both inflows and outflows increased, the inflows significantly outpaced outflows, suggesting whales are accumulating more Dogecoin.

Dogecoin's Price Outlook

The surge in whale activity is accompanied by a bullish price pattern for DOGE. Over the past few days, DOGE has been testing a dynamic resistance level, which forms the upper boundary of a falling wedge pattern. This wedge has been developing for the past nine months, and traders are closely watching the potential breakout. A bullish outcome could see DOGE prices climb higher, attracting even more attention from the crypto community. 

With rising whale activity and a bullish price pattern in place, Dogecoin is drawing significant interest from both traders and investors. The inflow of DOGE into whale wallets could signal optimism about future price movements, but all eyes remain on the breakout from the falling wedge pattern. Will this meme coin surprise the market once again? 

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