In a surprising turn of events, large holders of Dogecoin have significantly increased their positions, accumulating a staggering 1.32 billion DOGE over the past 24 hours, marking a remarkable surge of 77.7% from the previous day.
The on-chain data from IntoTheBlock reveals that these substantial inflows into the wallets of major players are equivalent to an impressive $126.72 million, signaling strong bullish sentiment.
It is worth noting that these statistics specifically consider addresses owning at least 0.1% of the total Dogecoin supply, emphasizing the considerable impact of these major players on the market.
While such inflows are typically accompanied by outflows, the outflow from these whale wallets is relatively modest, standing at 354.85 million tokens — more than three times less than the inflow during the same period.
The overall Large Holders Netflow for Dogecoin remains positive, reflecting a robust figure of 967.7 million DOGE.
Price, moon, Dogecoin
This positive trend comes amid a correction in Dogecoin's price, which experienced a notable 10% dip from the opening amid a broader market downturn. However, the meme-inspired cryptocurrency managed to recover almost half of this decrease, a rebound attributed in part to the active participation of major players.
The intriguing question arises: Why are these whales accumulating Dogecoin aggressively? The answer may lie 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 appears that these major players are positioning themselves strategically, foreseeing potential gains as Dogecoin sets its sights on the moon.