Dogecoin (DOGE) shoots up $900 million in 24-hour bullish whale frenzy

The most popular meme cryptocurrency, Dogecoin (DOGE), continues to see interesting developments not only on the price chart, but also behind the scenes of the cryptocurrency scene.

According to IntoTheBlock, the past 24 hours have been marked by an increase in activity with the token by major players, or as they are commonly called: whales.

Related

In particular, the number of transactions of at least $100,000 increased, with 1,950 such transactions and a total volume of $2.65 billion. In physical terms, the day was marked by the movement of 21.59 billion DOGE in these large transactions.

By comparison, the day before, the volume of large Dogecoin transactions was over $900 million less, and the number of DOGE coins moved was 6.32 billion fewer.

Want to buy whales?

If we dig deeper, we can see that the nature of these transfers was primarily of a purchasing nature.

For example, Dogecoin inflows into portfolios of at least 0.1% almost doubled in the past day to 445.15 million DOGE. At the same time, the outflow was lower than the day before, but still amounted to 386.51 million DOGE. As a result, the net inflow into the wallets of major Dogecoin holders amounted to almost 250 million DOGE.

Related

So we can conclude that whales were indeed active in the popular meme cryptocurrency during the reporting period. Moreover, their actions within this activity were bullish in nature.